The official opening of the revamped casino at Hyatt Regency Jeju Hotel (pictured), in South Korea, will be held on January 18, Hong Kong-listed Landing International Development Ltd said in a filing.
Landing International, a mainland Chinese property developer, controls the resort but the casino is owned by Grand Express Korea Co Ltd, a 50-50 joint venture with Genting Hong Kong Ltd, a subsidiary of Malaysian conglomerate Genting Bhd.
Genting Hong Kong invested KRW130 billion (US$117 million) in the Hyatt Regency Jeju project.
The foreigners-only casino at Hyatt Regency Jeju Hotel will be operated under the name ‘Genting Jeju’. The venue has 26 baccarat tables, one blackjack table, one tai sai table (a dice game known in Macau as sic bo), one roulette table and 16 slot machines, Landing International said in Thursday’s filing.
“The board considers that the grand opening of the Jeju Casino opens a new phase of the group’s presence and participation in the Korean casino industry,” the firm said.
Landing International has two other casino investments in South Korea. Last month, the property developer said it would acquire the Alpensia casino at Holiday Inn Resort in Pyeongchang for HKD868.7 million (US$112 million). The deal is expected to close next month.
Landing International is also linking with Genting Singapore Plc, another unit of the Genting Group, to build a US$2.2 billion casino resort on South Korea’s Jeju Island, expected to break ground by the second quarter of 2015.
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”I do not believe that this event [the collapse of a under-construction building in Sihanoukville] will slow down the issuance of [gaming] licences. Market forces will probably dictate the process as developers evaluate projected future demand for gaming in the region”
Senior partner at business consultancy Global Market Advisors