Genting plans JV for second Jeju Island casino project
Gaming resort and theme park operator Genting Bhd will enter the South Korean market next year, via a partnership between subsidiary Genting Hong Kong Ltd and Chinese developer Landing International.
The joint venture will operate an existing foreigners-only casino located at Hyatt Regency Jeju hotel which is currently closed for renovations and due to reopen early next year.
It will feature 30 gaming tables and 16 slot machines and "will lead to the introduction of the first world-class casino brand to Jeju, marking a key milestone in the tourism industry," Landing International said in a statement.
"Leveraging Genting Group’s international expertise in world-class resort operation, the joint venture will be able to tap into a reliable and reputable platform for the development of Jeju’s tourism industry."
This will be the eighth casino in Jeju, all of which are accessible only to foreign nationals, due to strict gambling laws in South Korea.
"Given its geographical proximity to China and Japan, it has already become the third largest gaming market in Asia with its 40 years of gaming history. We are particularly bullish on the development of Jeju, the largest island of Korea," said Yang Zhihui, chairman of Landing International.
Earlier this year, Landing International and Genting Singapore Plc agree a US$2.2 billion project to develop an ambitious new gaming resort and theme park on Jeju, which will open in phases from 2017.
Genting Group also operates gaming resorts in Singapore, Malaysia, Europe and the US.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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