South Korean gamblers flocking to Macau could be thing of the past if ambitious plans for Asia’s newest casino venture get off the ground. Owners of South Korea’s biggest transport hub, the Incheon International Airport Corp, wants to build a $3billion casino resort at its location 50kn (31km) west of capital city Seoul in the hope of attracting Chinese tourism.
CEO Lee Chae Wook admitted a US company has proposed building the complex, and commented: “We want to build a landmark near the airport that will resemble Singapore’s Marina Bay Sands. The investment will help attract more visitors from China and create more jobs.”
It wouldn’t take much to deduce that Las Vegas Sands Corp (LVS) is the “US company” identified. Given the success it’s had in Asia, it’s far from a surprising prediction either. The location is a good one and the airport handled upwards of 35million passenger in 2011. With a flight time of under two hours to Beijing and just two and half hours to Hong Kong there is reason for optimism in this project being a success.
Jee Heon Seok, an analyst at NH Investment & Securities Co. in Seoul, added: “There is a need to develop new attractions to lure more tourists from China. They come in large numbers and they tend to spend a lot of money.”
Any deal on the casino business being constructed will be before the end of June and the location will include a hotel, convention centre and a deal more entertainment at the same venue. It continues to show the growth that the largest gaming industry venue on the planet is experiencing.