Casino resort to be built on reclaimed land in continued quest to attract tourists to the austere South Korea.
South Korea’s provincial government recently revealed plans to build a casino on a ‘no-man’s land’ zone on the south western coast of South Korea. Saemangeum, which was already started in 1991, is set to become an ‘eco-friendly waterfront city, with high-end industrial, tourism and agricultural facilities as well as science and research institutes’.
In a bid to attract tourists and boost the local economy, the North Jeolla Province has already consulted with investors from abroad. They will build an integrated resort in the Saemangeum area. The longest ever seawall at 33.9 kilometers will be constructed, providing 40,100 hectares of land.
A senior official at the North Jeolla Provincial Office, Lee Hyung-kyu, said consultations were underway, with a few American and Chinese investment funds, to build an integrated resort. Developers for the land-based and mobile casinos are set to tour the site and detailed discussions of the project will follow.
South Korean government gradually reviewing its strict gambling policies
In addition to building a casino for foreigners, a multi-purpose resort complex complete with leisure facilities and a shopping mall to lure additional tourists will also be built. Once private funding has been negotiated, a US$926.96 billion investment proposal will be made and approbation from the government will be sought, to get the project going by mid-July.
South Korea prohibits citizens from gambling, but hosts seventeen legally-operated casinos. However, the central government has been modifying the strict South Korean gambling laws, and in early January it already announced plans to build two more foreigners-only casinos, in order to benefit from the fast-growing Asian gaming industry, steered by rich Chinese.