Las Vegas Sands Corporation has set its eyes on South Korea announcing its plans for an integrated resort casino. Last Tuesday, in a Yonhap news agency press release, the corporation expressed their deep interest in creating an iconic building placed near the Jamsil Stadium, one of the 1998 Olympic Games stadiums, located in Seoul.
Sands Corp. has approached the South Korean Government providing a detailed offer of what the project entails.
Sands Corp. has shown interest in establishing one of its shops in South Korea before, as one of the “hotspot” destinations in Asia where they see future prosperity of the leisure and gambling industries.
Korea Herald announced that Sands has targeted a piece of land currently managed by KEPCO – Korea Electric Power Corp, which has been currently making some plans of relocating. The property is to be placed for auction later this year. Mr. Tanasijevich, the foreign development director, says that a world class resort such as the one his company plans to build will surely place South Korea as one of the top destinations for MICE – meetings, incentives, conferences and exhibitions.
He promised a similar-type of architecture as the Marina Bay Sands in Singapore, owned by Sands Corp.
According to Sands Corp. the stadium will be moved to another location, in order to optimize the improvement of the Jamsil site which is to become a ‘leading international MICE destination’. Mr. Tanasijevich further noted that the stadium will fill the need of major sports and events building that Seoul needs, with forty thousand seats building with a dome-like closed roof.
In order for that project to take place, Sands requires the South Korean Government to lift its ban on locals entering casinos. South Korea currently has seventeen casinos, and a few casino resorts under construction with only one, the Kangwon Land, having open entrance for locals. All other casinos are opened for foreigners only. Las Vegas Sands Corporation has made similar requirements to other Asian countries such as Vietnam, where their governments are slowly starting to change their legislation towards the gambling industry.
Sands accents on the importance of locals’ access as a critical part of the project’s success. Tanasijevich explains it is “a necessary element for our business model” for locals to have access to the casinos. He also made it clear that locals’ access does not mean that anyone can enter a casino.
The idea is open for discussion with policies such as “Singapore-style entry levy” as well as the requirement for customers to show a certain minimum of credit balance. Such financial benchmarks would ensure a certain level of “gambling safety”. The other massive casino resort projects would also find it difficult to attract foreign clientele with the prohibition of local citizens still active.
If Koreans are not allowed, foreigners “will be suspicious and the positive environment will not be created”. South Korea has long been known for its strict gambling and gaming regulations.
