Bloomberry Invests in South Korea

Bloomberry Resorts Corp., based in the Philippines, has bought 12.2 hectares (30.1 acres) of land on Muui Island in South Korea. The property in the Incheon Free Economic Zone will be developed “into a leisure and tourism complex,” the company said in a filing.

North Jeolla also interested in casinos

Manila-based Bloomberry Resorts Corp., developer and operator of Solaire Casino and Resort in the Philippine capital, has acquired a 12.2 hectare (30.1-acre) parcel of land on Muui Island, in South Korea’s Incheon Free Economic Zone. In a filing with the Philippine Stock Exchange, the company announced it will develop a tourist destination “with entertainment and mixed-use developments.”

The company has not said if a casino will be part of the development, but the South Korean government has already approved two casino projects in the economic zone, and has invited bids for two more foreigners-only casino licenses, reported GGRAsia. Each must include a minimum investment of KRW1 trillion (US$925 million).

Two licenses have already been approved for Incheon. They include a joint venture between South Korea’s Paradise Co. Ltd. and Japan’s Sega Sammy Holdings Inc.; and a partnership between Caesars Entertainment Corp. and Lippo Ltd.

A provincial government in South Korea also wants to get into the game. North Jeolla on the country’s southwest coast has announced it would consider bids for two new foreigners-only casinos. Lee Hyung-kyu of the North Jeolla Provincial Office said the province is “currently in consultations with two to three U.S. and Chinese investment funds to build an integrated resort” in Saemangeum. The community is close to Gunsan, which has an international airport that currently provides direct flights to Jeju, a Korean island popular with Chinese vacationers.

South Korea currently has 16 casinos for foreigners and one for locals.