45 million air passengers yearly
In a filing with the Korea Stock Exchange, Grand Korea Leisure announced it has sealed a memorandum of understanding with the Incheon International Airport Corp. to develop its planned casino resort near the airport.
Grand Korea, a subsidiary of the Korea Tourism Organization, also said it has retained a financial advisor to help it find investors for the integrated resort, to be called Yeongjongdo Casino Resort.
The location is considered optimal because of traffic through the airport. Some 45 million international travelers pass through the portal each year.
The surrounding business district is slated to become a dedicated casino resort zone, reported GGRAsia. In November 2014, the Paradise Group, South Korea’s leading hotel and casino operator, broke ground on a KRW1.9 trillion (US$1.7 billion) project to be called Paradise City. Its partner in the project is Japanese gaming company Sega Sammy Holdings Inc.
Previous reports linked the U.S.-based Mohegan Tribal Gaming Authority to the Grand Korea development. According to GGRAsia, both sides now “appear to discount such a possibility.”