A self-branded hotel named “Shinhwa Resort” at the Jeju Shinhwa World casino complex on the South Korean holiday island of Jeju, is likely to be ready next year rather than this year, the entire site’s promoter Landing International Development Ltd has confirmed to GGRAsia.
The new hotel facility still needs to get local-government permits confirming it can be occupied, a representative of the firm told us. The person declined to be identified by name.
The previously-publicised opening schedule for the Shinhwa Resort hotel was within the current quarter. The new hotel is part of Hong Kong-listed Landing International’s plan to launch in stages non-gaming elements at its Jeju resort.
“We have obtained the temporary occupation permit for one building of the Shinhwa Resort hotel. It is expected that permits for the remaining two buildings of Shinhwa Resort hotel will be issued in the first half of 2019,” the Landing International source told us.
Issuance of occupation permits would happen “after the Jeju government completes re-examination of the environmental impact of major development projects in Jeju,” said the person. “We will wait until all the three buildings [of Shinhwa Resort hotel] get permits, and then open in one go,” the representative added.
Shinhwa Resort hotel would target family visitors, and will have 533 rooms, the firm’s representative also noted to us. The hotel would provide “easy access” to the “Shinhwa Water Park” and a theme park at the resort complex. Shinhwa Water Park is an outdoor entertainment area launched in early August this year.
The guest room inventory of the entire Jeju Shinhwa World complex will total over “2,000” units once Shinhwa Resort comes into operation, according to Landing International’s interim report 2018 filed in September. By 2020, the group aims to open a Four Seasons Resort and Spa, with about 200 guest rooms, and a theme park called Lionsgate Movie World.
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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