South Korean casino operator Grand Korea Leisure Co Ltd confirmed in a filing on Monday that it has signed an agreement with the operator of South Korea’s main international airport (pictured) for use of land to build a casino resort.
The memorandum of understanding (MOU) with Incheon International Airport Corp for what Grand Korea referred to as “Yeongjongdo Casino Resort” follows a feasibility study and includes a business plan and construction plans. Details on the latter were not made public in the filing to the Korea Exchange, but the document did state details of the plan should be finalised within six months.
Grand Korea, a majority state-owned and state-run operator of foreigners-only casinos in South Korea, said in the regulatory filing it had chosen a financial advisor to attract investment for its planned casino resort.
Reuters news agency – quoting company sources – later identified the financial advisor as Korea Exchange Bank.
In April, U.S. regional tribal casino operator Mohegan Tribal Gaming Authority, known as Mohegan Sun, announced an agreement with the same airport operator for what was described as “first private jet terminal in the world connected to [an] integrated casino resort”.
Mohegan Sun had previously been linked in South Korean media reports to a possible partnership with Grand Korea for a South Korean casino resort, but both sides appeared to discount such a possibility.
Incheon International Airport, one of the largest air transport hubs in Asia, caters for more than 45 million passenger trips annually, according to official data.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia