Mainland China real estate firm Landing International Development Ltd is looking at the possibility of shifting its gaming facility currently operating out of a hotel in South Korea’s Jeju Island to its under-development integrated resort property on the island.
The company’s foreigner-only Landing Casino venue has been functioning out of Hyatt Regency Jeju Hotel since its opening in 2014. In a recent filing made with Hong Kong Stock Exchange, the firm said that it might choose to transfer the casino to its upcoming property Jeju Shinhwa World.
Landing Entertainment Korea
In a statement, Landing International said
It is recognized that [a] casino is one of the most essential facilities within an integrated resort to complement better offerings to its visitors with a complete hospitality experience; and in order to leverage and utilize current casino operation resources within the group’s business as a whole, the group is exploring the possibility of relocating Landing Casino to Jeju Shinhwa World
The property recently had a soft opening for a 344-unit serviced condominium called Somerset Jeju Shinhwa World. Additional amenities like a luxury hotel, restaurants and shopping facilities are being developed.
Jeju Island is a popular destination for Chinese tourists, particularly mass market gamblers. In an earlier statement, Landing had highlighted that customers of today wanted more than just gambling options. They were looking for a complete experience involving shopping, dining and gambling, which can be provided only via an integrated resort.
With regards to the construction status of Jeju Shinhwa World, the company said that the facility will be opened progressively starting rom the fourth quarter of 2017, with the entirety of the project finishing by 2019. The filing also referred to the recently announced proposal to build a family theme park inside Jeju Shinhwa World. The company has entered into an agreement with the Hollywood studio Lions Gate Entertainment Inc to develop an exclusive amusement park.
The company said that the theme park will offer 20 different rides and attractions spanning seven zones featuring myths and legends across the world as well as a water park.
Construction is likely to begin in 2018 and the facility might could end up opening by 2019. According to latest results, revenue at Landing Casino was down by 24.8 percent on a year-on-year basis to around HKD174.5 million ($22.3 million) for the six months ending June 30.
Profit for the group’s overall gaming business segment for the same period was around HKD45.27 million, as compared to HKD82.08 million for same period last year.