A new casino called the Jeju Shinhwa World celebrated its opening with a grand ceremony.
The promoter and developer for the Jeju Shinhwa World casino is Landing International Development Ltd, a real estate company from Mainland China. Landing International confirmed the casino opening officially with a filing made to the Hong Kong Stock Exchange.
The casino is located on Jeju Island which is a popular destination for mass gamblers from Mainland China. The Jeju Shinhwa World will be operated by the Ascott Ltd, a subsidiary of Singapore-based company CapitaLand.
In a statement, Landing International said
Somerset Jeju Shinhwa World is the first international-class fully-serviced resort condominium in Jeju, offering 344 units of three-bedroom resort condominium units with thoughtfully furnished and designed interiors.
Jeju Shinhwa World is now the 18th casino to open in South Korea and will allow entry to only to foreigners. Local residents are not allowed access to any of the casinos in South Korea except for the Kangwon Land casino.
According to the filing with the Hong Kong Stock Exchange, Jeju Shinhwa World will have a full range of world-class amenities including a fully-equipped gym, a multi-cuisine restaurant, an indoor and outdoor play area for children and a clubhouse. There will also be hotel accommodation under Marriot brand along with existing condominium units which are all scheduled to open late 2017.
No details were provided regarding the gaming facilities set up in the casino. The entire property is expected to be completed by 2019 according earlier statements released by the company.
Landing International already operates a casino on Jeju island called the Landing Casino. The facility is located within the Hyatt Regency Jeju Hotel. The company also operates a casino in the UK having purchased Les Ambassadeurs Club and Casino, a premium gaming venue in London in 2016.
Jeju Shinhwa World was initially being developed by Genting Singapore, a subsidiary of the Malaysian-based casino operator Genting Group. However in November 2016, Genting announced that it was withdrawing from the venture to focus on other projects.
Gaming experts have noted that the South Korean market is currently seeing a slow down due to increased hostilities between South Korea and China due to the installation of a U.S.-supplied missile system in South Korea. According to a Reuters report, the number of Chinese tourists to South Korea has dropped by nearly 39 percent year-on- year in March this year.