Complex to be complete by 2019
Landing International’s new South Korea resort complex is slated to open this week. Jeju Shinhwa World on Jeju Island will open a Somerset-branded, 344-room hotel on April 25. The hotel will be operated by the Ascott Ltd., a wholly-owned unit of Singapore’s CapitaLand Ltd. The overall resort and casino have been developed and will be operated by landing, a Hong Kong-listed Mainland Chinese real estate firm, reported GGRAsia.
The development will open in phases and is expected to be complete by 2019, according to a March company filing.
“Progressively from late 2017, Jeju Shinhwa World is also set to open its family theme park, YG entertainment center, waterpark, Jeju’s largest retail and food beverage complex, hotel rooms and MICE facilities and foreigner-only casinos,” said a news release.
“Owned and developed by Landing International, Jeju Shinhwa World encompasses premium hotels and luxury resort condominium villas, as well as a theme park, waterpark and prestigious retail area, including popular high-end and K-fashion brands,” the release continued.
The firm already owns and operates the Landing Casino located at the Hyatt Regency Jeju Hotel. In April 2016, Landing International also acquired Les Ambassadeurs Club and Casino, an elite gaming club in London.
Genting Singapore Plc, operator of Resorts World Sentosa in Singapore, announced in November 2016 it was pulling out of its involvement in Jeju Shinhwa World, previously known as Resorts World Jeju, to concentrate on other projects, including a potential integrated resort opportunity in Japan.
The South Korean market for inbound tourism is strained due to tensions with China over a U.S.-supplied missile system. The Terminal High Altitude Area Defense was deployed at Osan Air Base to counter North Korea’s ballistic missile program.
In a sign of the ongoing dispute, last month more than 3,400 Chinese tourists refused to disembark from their cruise ship after arriving at Jeju.
