Genting Singapore, Landing International to develop $2.8b South Korea casino resort
HONG KONG (REUTERS) - Casino operator Genting Singapore and Chinese property developer Landing International Development will develop a US$2.2 billion (S$2.8 billion) casino resort in South Korea, joining global gaming firms rapidly expanding across Asia to court wealthy Chinese punters.
The tie up, announced in Hong Kong on Friday, marks Genting's first foray into South Korea, an increasingly popular destination for Chinese tourists who flock there to gamble and shop, thanks in part to easier visa rules.
Genting Singapore's parent company, Genting Bhd, operates a sprawling gaming empire from the Bahamas to Singapore.
The project, to be called Resorts World Jeju, will be located on Jeju island which is already popular with wealthy Chinese tourists. In addition to the casino, the complex will include luxury hotels, a shopping mall, a theme park and residential facilities.