Grand Korea Leisure, which runs three foreigners-only casinos in Korea under the “Seven Luck” brand, is reviewing a plan to open another casino in Yeongjongdo Island, Incheon, home to the Incheon International Airport.
“It is true that we are conducting a feasibility study for a casino on the island, but no details (on the project) have been discussed yet,’’ Choi Ji-young, a company spokesperson said.
The official comment came after a local economic daily reported that GKL has formed a partnership with Mohegan Sun, a U.S.-based casino operator, to open a casino on the island to target Chinese tourists.
Two employees of the foreigners-only Seven Luck Casino in Seoul, run by GKL, welcome visitors. (Yonhap)
The report added the U.S. Casino firm is seeking to cooperate with CJ Group, the nation’s largest entertainment group, to bring Korean culture contents, which are popular among international visitors, into its first casino development project in Korea.
“Officials from Mohegan Sun visited the firm’s headquarters once, but the purpose of their visit was not related to talks on investment in Yeongjongdo,’’ GKL said in a press release.
Despite the firm’s explanation, market watchers said that it is a matter of time before GKL, which is looking for a new growth engine, launches the casino development project.
“GKL tends to remain low key on its mega-investment projects as it is an affiliate of the Korea Tourism Organization, South Korea’s state-run tourism agency, and its shares are traded on the stock market,’’ an industry inside watcher said.
The international business district on the southwestern end of Yeongjongdo Island, is transforming into a casino-based resort city, taking advantage of its geographical proximity to China, the world’s largest market.
Last November, Paradise, another foreigner-only casino operator in Korea, broke ground to build a casino-driven resort city named “Paradise City’’ on the island with Japanese partner Segasammy. The two companies will invest 1.9 trillion won on the project.
LOCZ Korea, a consortium of China’s Lippo Group and U.S.-based Caesars Entertainment, have also expressed an interest in the casino business in the region, but little progress has been made so far.
By Seo Jee-yeon (
jyseo@heraldcorp.com)