Yesterday, Landing International Development Ltd., a China-based real estate developer, announced that the groundbreaking ceremony for the company’s newest casino project will take place on February 12.
Landing International is to build a gambling venue on the South Korean Jeju Island. It was announced that the name of the new facility will be Myth-History Park.
The developer submitted a special filing to the Hong Kong Stock Exchange, in which it stated that its subsidiary Landing Jeju Development Co. Ltd., the company that will be in charge of the venue’s construction, will host a groundbreaking ceremony on February 12. This will mark the start of the building process of the above-mentioned property.
As it was stated in the building permits, issued by the government of the Jeju Island, Landing Jeju was allowed to build an integrated resort, which is to spread over a 306,763-square-meter area.
The resort is planned to feature luxurious hotels and a villa hotel, as well as exhibition and conference facilities. What is more, visitors will be given the opportunity to stay at various bungalows, condominiums, and other types of accommodations.
The accommodation area will spread over a total of 132,265 square meters.
In July 2014, the company said that its new enterprise was estimated at US$2.2 billion. As previously commented, under the current gambling regulations in South Korea, local players are not allowed access to most of the venues on the territory of the country. Landing International pointed out that it will stick to the law and will not let residents in its casino.
Back in July, the company also shared in a filing that HK$320 million of the HK$600 million it had managed to collect from share subscriptions will be invested in the Jeju project.
On December 15, 2014, Landing International announced its interest in buying a major share in the already established Alpensia Casino, located in the Kangwon province in South Korea, which is to host the 2018 Winter Olympics.
On January 18, the Hyatt Regency Jeju Hotel, yet another casino and hotel venue that is managed by Landing International, was re-launched after it had been renovated. The property’s casino is operated by Grand Express Korea Co. Ltd.
It was reported that the number of tourists coming from Mainland China increased 46% back in 2014 to reach a total of 6.33 million. Many experts claimed that the country’s tourism industry is likely to keep on growing in 2015, as it is expected to attract more Chinese visitors.
On January 18, the government of South Korea announced that it considers awarding two new licenses for two large-scale casino projects.
