Malaysian conglomerate Genting Group is to be introduced to South Korean gaming market some time in 2015. One of its entities – Genting Hong Kong Ltd., will collaborate with property developer Landing International Development Ltd. The two companies will manage an already established casino on the Jeju Island, currently intended for foreign visitors only.
At present, Genting Hong Kong is a major investor in Resorts World Manila, one of the biggest gambling facilities in the Philippines. It was announced a few hours ago that the Genting Group subsidiary will invest the total amount of KRW130 billion or US$117 million in this joint venture. A Landing International spokesperson stated that the collaboration between the two companies will imminently lead to the launch of a top-class casino on the Jeju Island, thus making it an even more desirable tourist destination.
Hyatt Regency Jeju hotel is home to the casino, which is currently being refurbished and is to be launched in January 2015. The venue will entertain its visitors by means of thirty tables and sixteen slot machines.
Landing International and Genting work together on one more project. It was announced in the early months of 2014 that the property developer and Genting Singapore Plc. were to start the construction of a casino resort that is to offer to its visitors and guests numerous gaming, accommodation, shopping, and other entertainment options. The two companies are to invest the impressive sum of US$2.2 billion in the ambitious project that is scheduled to open some time in 2017.
Genting Singapore is the current operator of Resorts World Santosa – one of the two casino venues within the territory of Singapore. As for Genting Group as a whole, it owns gaming facilities in Malaysia, Europe, and the USA.
As Landing International’s spokesperson stated, Genting’s long experience in the management of first-class resorts will certainly bring benefits to tourism in Jeju. The two companies are optimistic about the success of their new project, promising to create “a reliable and reputable platform.”
Currently, Jeju is one of the most popular tourist destinations in South Korea. There are eight operating casino venues within its territory and they all are intended for foreign visitors.
South Korean citizens are allowed access only to one facility in the country – Kangwon Land, located 93 miles southeast of the capital Seoul.
According to Zhihui Yang, chair of Landing International, the Korean market has “enormous potential.” He also added that the country being situated so close to Japan and China has been an important factor for its establishment as the third major gambling destination in Asia.
Mr. Yang also shared that they were particularly keen on being able to contribute to the development of Jeju.
