Part of Incheon Free Zone
Chinese property developer LongRunn International Group is reportedly planning a $4 billion casino resort complex, called Diamond City, on Yeongjong Island in South Korea, part of the Incheon Free Economic Zone.
Yeongjong Island is already home to foreigners-only casino resort Paradise City, a joint venture between Japanese pachinko operator Sega Sammy Holdings Inc. and South Korean casino operator Paradise Co Ltd. Paradise City opened its first phase in April 2017.
IRs in development include one by U.S. casino giant Caesars Entertainment Corp. and Mainland Chinese developer Guangzhou R&F Properties Co Ltd. That property is expected to open in 2020. Mohegan Gaming and Entertainment, the U.S. tribal gaming operator, is building a $5 billion resort called Inspire at Incheon International Airport, with a target opening of 2021.
LongRunn thinks there’s room for one more. On February 11, the company signed a deal with Incheon officials to acquire a 76,000-square-meter (818,000-square-foot) parcel in Yeongjong for KRW87.1 billion (US$81.5 million), reported GGRAsia.
On its official website, LongRunn described Diamond City as a mixed development featuring residential units, a high-end hotel, casino, office tower, a mall, schools, “medical and aesthetics center,” an “interactive world cultural avenue,” a “K-pop hub” and theme parks.
The company said it will partner on the project with Chinese state-owned firms and a Hong Kong real estate developer, none of which were identified. The firm also reported that it has been “working closely” with South Korea’s government regarding the Diamond City project since 2014.
The head of the Incheon Free Economic Zone, Kim Jin-yong, told Global Construction Review the contract could help Yeongjong Island compete with Las Vegas and Macau.
