Relocating hotel casino to new resort
Landing International Development will launch gaming operations at its Jeju Shinhwa World theme park on Jeju Island in South Korea. The planned opening date is December 8, the Hong Kong-listed developer announced in a news release.
Landing’s current casino operations on Jeju posted a 24.8 percent drop in revenue to HK$174.54 million (US$22.35 million) in the first half of the year, down from HK$232.09 million in the same period of 2016. As a result, the company is “exploring the possibility” of moving its Landing Casino at the Hyatt Regency Jeju to the 2.5 million-square-meter (618-acre) theme park, reported Macau Business.
The company plans to invest an additional US$300 million to develop Jeju Shinhwa World, overseen by a subsidiary. Landing Jeju Development Co. Ltd. To raise money, it has sold its upscale London casino, Les Ambassadeurs Club, for a total consideration of HK$2.5 billion. It also placed 24 billion shares, raising net proceeds of HKD1.79 billion (US$229.2 million), reported GGRAsia.
Total investment in the Jeju resort, which should be fully operational by the end of 2019, now stands at US$1.5 billion, which Landing says is “the largest Foreign Direct Investment for a one-stop integrated resort in the history of Korea.”
In April, Phase I of the project debuted with the launch of a 344-unit serviced resort condominium called Somerset Jeju Shinhwa World. Shinhwa Theme Park was scheduled to open September 30 with 15 rides.
“The entire development of Jeju Shinhwa World is expected to be completed by the end of 2019, when the Four Seasons Resort and Spa and the Hollywood-movies inspired outdoor theme park Lionsgate Movie World are scheduled to be ready for operation,” said a release from the company.
The resort is expected to employ 2,100 people by the end of 2017 and 5,000 by the end of 2019.
