Relying on business at home
Beijing’s ban on domestic travel to Korea is likely to have a strong impact on Landing International’s Jeju Shinhwa World, now opening in phases on Jeju Island in South Korea.
According to the South China Morning Post, when Landing bought the site in late 2013, relations between Mainland China and South Korea were more cordial. At that time, Jeju granted 30-day visa-free stays to Chinese citizens.
That’s all changed now, due to South Korea’s plan to deploy its Terminal High-Altitude Area Defense system, or THAAD, to protect itself against North Korean aggression.
Landing International Chief Operating Officer Jay Lee acknowledged that the theme park at Jeju has lost expected revenues, but added, “At least half of our visitors will be domestic-driven. We don’t solely focus on China, but the regional markets from Japan, South Korea, Hong Kong, Taiwan to Southeast Asia.
“I think this project will change the face of Jeju,” Lee said of the resort. The complex will also include a Four Seasons hotel, a Marriott hotel and a cluster of villas offering a total of 2,000 rooms. The company is in the process of relocating its Landing Casino in Jungmun, Jeju to Shinhwa World, inside the Marriott. It’s slated to open by December.
The resort will also include a Lionsgate Hollywood-themed attraction, a water park and conference venues. The facilities will progressively open from 2017 and be fully completed by 2019. The company projects Jeju Shinhwa World will draw which 15 million tourists a year starting in 2018.
