Sands Corp. “patiently waiting”
Would Seoul Mayor Park Won-soon like to see a gaming resort in the South Korean capital? Possibly. According to the Korea Times, the official’s recent visit to Singapore has raised speculation that he may try to bring a gaming resort to his own city.
Earlier this month, Park spent four days in the city-state as part of the World Cities Summit. While there, he spent a lot of time at the Marina Bay Sands, checking “sites and facilities” with a delegation from Seoul Metropolitan Government. He also heard a policy briefing on the development of the property and its meetings and conventions business. His host was MBS CEO George Tanasijevich.
“The CEO himself showed Park around the entire resort and gave a detailed briefing,” said a source who spoke to the newspaper. “He showed the mayor not only the hotels and MICE facilities but also the gaming places.”
Park, a likely contender in the next presidential election, has not taken a public position on the matter, which would require a change in the law to permit locals gaming. “It is not an issue I can comment on,” Park told the Times July 9. Locals gaming “is what the central government should decide on.”
However, Park is far from disinterested. He acknowledges that he has studied Singapore’s regulatory structure, and has stated that one of his chief goals as mayor of Seoul is to turn the city into the world’s top MICE destination. Since Marina Bay Sands and Resorts World Sentosa opened in 2010, that title has been held by Singapore.
Back in March, Tanasijevich said the Sands Corp. remains interested in the city, but will not invest in a foreigners-only casino. “We understand this is an important decision for the Korean government and people,” he said. “We are patient and the pace of this doesn’t determine our interest level.”
Another anonymous reminded the newspaper that Singapore also faced strong public opposition in the beginning. “The issue is how Park can persuade the Korean people through a reasonable consultation process.
“Given the Singapore-style integrated resort can improve Seoul’s international profile and bring lots of economic benefits, it can be a good policy alternative for Park. He should seriously think about whether he should ignore an MBS offer just because of the legislation issue and fear of a potential backlash,” the source said.
Meanwhile, Tanasijevich continues to woo Park, and has publicly said Korea “has a greater opportunity to lift its MICE industry even higher than Singapore.”
