Jeju Shinhwa World, a resort on South Korea’s Jeju Island that is scheduled to have a casino, is to have a “grand opening” on January 18, according to an email sent to GGRAsia from a public relations company. The email did not clarify whether the casino would be opening on that date.
In early November, Hong Kong-listed Landing International Development Ltd, promoter of Jeju Shinhwa World, told GGRAsia the foreigner-only casino at the property was likely to open “at the end of the year” rather than on December 8, as had been suggested in a press release in September.
In the November briefing, we were also told that the Jeju Shinhwa casino would have 150 to 160 gaming tables. In order to have a casino at Jeju Shinhwa World, Landing International would be shutting its existing gaming operation at Hyatt Regency Jeju Hotel and moving it to the new Jeju site, the company confirmed at the time.
In the November briefing, Landing International said the launch of accommodation branded Marriott Resort Jeju Shinhwa World hotel at the project site was also due to take place at the end of this year,
Landing International additionally gave guidance to GGRAsia that the group was not likely to need a further share placement exercise for the second phase of Jeju Shinhwa World, but would instead pay for it via bank borrowings, property sales at the site and operating cash flow from phase one.
In a September 21 press release, Landing International stated it was putting what it described as an additional US$300 million into the Jeju Shinhwa World project. The firm said in a November 8 press release that since September 2013 it had invested US$1.5-billion of foreign direct investment into South Korea through its wholly-owned subsidiary Landing Jeju Development Co Ltd.
The company had already announced an initial-phase opening in April for Jeju Shinhwa World, with the launch of a 344-unit serviced resort condominium called Somerset Jeju Shinhwa World.
On September 30, Landing International opened a facility called Shinhwa Theme Park at the resort, offering 15 rides and attractions themed by TUBAn, a South Korean digital animation studio specialising in 3D work.
