Chinese real estate developer Landing International Development Ltd said in a Thursday press release that the “official opening” of its new gaming resort project in South Korea – Jeju Shinhwa World – would be on December 8. It added that a casino facility would open there that day, but didn’t give further details.
In late August, the firm said in a filing to the Hong Kong Stock Exchange it might shift an existing casino operation it has at another Jeju resort, to the new venture.
Thursday’s press release said the firm was putting what it termed an additional US$300 million into the Jeju Shinhwa World project on Jeju Island, a destination popular with Chinese tourists.
“[The] total amount invested for the Jeju Shinhwa World project has now increased to more than US$1.5 billion,” said the press statement.
The investor had said in a September 14 filing to the Hong Kong bourse that it had completed the placing of 24 billion shares, raising net proceeds of HKD1.79 billion (US$229.2 million), which it said was for the Jeju scheme.
In late August the company had said in a filing that completion of Jeju Shinhwa World would take place “progressively from the fourth quarter of 2017 onwards,” with the project “completed by 2019”.
The firm had already announced an initial-phase opening in April, with the launch of a 344-unit serviced resort condominium called Somerset Jeju Shinhwa World.
Thursday’s press release said a facility called Shinhwa Theme Park would open to the public on September 30, and would offer 15 rides and attractions themed by TUBAn, a South Korean digital animation studio specialising in 3D work. In November, a facility called YG Town, operated by South Korean entertainment agency YG Entertainment – which represents entertainers including K-pop singers – is due to open at the resort and will feature a themed bar and café.
On December 8, facilities including a Marriott Resort Jeju Shinhwa World hotel, a Landing-branded hotel, a meetings incentives, conferences and exhibitions (MICE) centre, restaurants, and a shopping mall would open, along with an on-site casino, said Thursday’s release.
“The entire development of Jeju Shinhwa World is expected to be completed by the end of 2019, when the…Four Seasons Resort and Spa, and the…Hollywood-movies inspired outdoor theme park Lionsgate Movie World are scheduled to be ready for operation,” said the Thursday release.
The statement added that by year-end the resort was likely to employ 2,100 people, and 5,000 by the time the destination was fully operational by the end of 2019.
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"With the mainlanders and Hong Kongers now effectively barred from entering Macau, the only rationale possible for keeping the casinos in Macau open right now is a social one which is to keep Macau residents employed"
Managing partner of IGamiX Management and Consulting Ltd