Genting Singapore Plc, the SEA’s largest casino operator by market value, will develop a casino resort on South Korea’s Jeju island to target Chinese bettors.
The $2.2 billion project will be jointly built with Hong Kong-listed Chinese property company Landing International Development Ltd. (582) and initially target visitors from eastern and northern China.
Over the past few years, Genting group of companies has been expanding abroad, from the U.S. and the U.K. to Philippines. Chinese bettors were the main contributors to Macau’s $45.2 billion casino revenue last year and have transformed the city into the world’s largest gambling hub, ahead of the Las Vegas Strip.
“Eastern and Northern China is very close to Jeju Island and it’s roughly about a one-hour flight, which makes so much more sense for people in Beijing, Shanghai or Qingdao to come to Jeju Island than going to Macau,” Yang Zhihui, chairman of the Chinese company, said at a press conference in Hong Kong yesterday
The Jeju resort will have a total of 800 gaming tables, including 200 catering to the high rollers, Yang said. It will be built on a 2.3-million-square meter site that includes a theme park, a shopping mall, villas and apartments as well as three hotels that will have 2,800 rooms, the executive said.
It would be Landing International’s first casino project. About 4.3 million Chinese tourists visited South Korea in 2013, an increase of 53 percent from the year before, and more than one-third of the country’s total, according to data from Korea Tourism Organization.
The $2.2 billion project will be jointly built with Hong Kong-listed Chinese property company Landing International Development Ltd. (582) and initially target visitors from eastern and northern China.
Over the past few years, Genting group of companies has been expanding abroad, from the U.S. and the U.K. to Philippines. Chinese bettors were the main contributors to Macau’s $45.2 billion casino revenue last year and have transformed the city into the world’s largest gambling hub, ahead of the Las Vegas Strip.
“Eastern and Northern China is very close to Jeju Island and it’s roughly about a one-hour flight, which makes so much more sense for people in Beijing, Shanghai or Qingdao to come to Jeju Island than going to Macau,” Yang Zhihui, chairman of the Chinese company, said at a press conference in Hong Kong yesterday
The Jeju resort will have a total of 800 gaming tables, including 200 catering to the high rollers, Yang said. It will be built on a 2.3-million-square meter site that includes a theme park, a shopping mall, villas and apartments as well as three hotels that will have 2,800 rooms, the executive said.
It would be Landing International’s first casino project. About 4.3 million Chinese tourists visited South Korea in 2013, an increase of 53 percent from the year before, and more than one-third of the country’s total, according to data from Korea Tourism Organization.
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