Hong Kong-listed property developer Landing International Development Ltd. wants to move its foreigners-only casino to Jeju Shinhwa World.
In a regulatory filing, Landing told the Hong Kong bourse of its plan to transfer its gaming operations at the Hyatt Regency Jeju Hotel to Jeju Shinhwa World, a 344-unit serviced resort condominium that opened in April.
Landing’s integrated resort project, which includes Jeju Shinhwa, remains under construction and is expected to be complete by 2019. The firm plans to construct a Lions Gate Entertainment Inc.-inspired theme park in order to lure recreational tourists to the integrated resort.
“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 firm stated. “Under the current development plan, Jeju Shinhwa World will house a family theme park offering more than 20 rides and attractions in seven different zones under the themes of myths and legends from different parts of the world, a water park and one of South Korea’s most exciting retail and food complexes.”
Lotte picks Grand Hyatt brand for new Jeju casino project
Speaking of Hyatt, casino promoter Lotte Tour Development Co. Ltd has inked an agreement with Hyatt Hotels Corp to be its hotel partner.
In a press statement, Lotte said Grand Hyatt Jeju will have 1,600 all-suite rooms, 11 restaurants and bars, and “world-class hotel amenities and recreational facilities.” Since Hyatt is a popular hotel brand in mainland China, it is likely that Lotte will be targeting Chinese tourists for the resort.
The casino project, which started in May 2016, is a joint venture between Lotte Tour Co. and China real estate firm Greenland. The project contractor is China State Construction Engineering Corp.
Only time will tell if the project will move forward, especially after the Chinese government issued a ban on overseas gambling investments.