Casino operator Grand Korea Leisure Co. Ltd. wrote in a filing to the Korea Exchange that it had reached an agreement with Incheon International Airport Corp. to locate its latest casino resort on nearby land.
Grand Korea Leisure is subsidiary of the Korea Tourism Organization and currently operates three foreigners-only gambling venues under the Seven Luck brand. As for Incheon International Airport Corp., it runs South Korea’s main international airport.
The memorandum of understanding between the two parties was signed after a careful study had been carried out, and included both business and construction plans. However, the details regarding the gambling property’s construction were not made public in the filing to the Korea Exchange. Yet, according to the document, the latter plan would be finalized within the next six months.
Grand Korea Leisure also revealed that it had found a financial advisor that would help the company attract investors for its integrated resort project. Although it did not point the name of its advisor in the regulatory filing, it became clear that the Korea Exchange Bank would advise the gambling operator.
In April, US-based casino operator Mohegan Tribal Gaming Authority, which runs Connecticut’s Mohegan Sun, announced that it had signed an agreement with Incheon International Airport Corp. for the world’s first private jet terminal connected to a casino resort. The gaming company had formerly been linked to Grand Korea Leisure for a potential partnership. However, both entities had discounted the possibility.
Yeongjongdo Casino Resort, as it was referred to in the Grand Korea Leisure’s filing, would not be the first integrated resort on South Korea’s Yeongjongdo Island. In fact, the international business district in the southwestern part of the island is to gradually turn into a casino resort city.
In November 2014, hotel and casino operator Paradise, which, too, runs foreigners-only venues across South Korea, broke ground on its KRW1.9 trillion project for the establishment of the so-called Paradise City. Paradise is working together with Japanese gaming company Sega Sammy Holdings Inc.
Casino operators consider the Yeongjongdo Island a suitable location for their integrated resorts due to the near proximity to the Incheon International Airport, which is among Asia’s busiest and largest international airports. Thus, they will be able to lure more international players to their properties. Annually, the airport caters for over 45 million passenger trips.
