A 2.3 trillion-won ($2.2 billion) casino resort project in Midan City on Yeongjongdo Island within the Incheon Free Economic Zone is expected to launch before the opening of the PyeongChang 2018 Winter Olympics.
The project, which LOCZ Korea ― a consortium formed by China’s Lippo and Caesars Entertainment of the U.S., which received a preliminary casino license from the Seoul government in March ― includes the construction of a 7,700-square-meter site with a casino, hotels, dining spaces, shopping malls and other commercial facilities.
The project is also part of the company’s plan to establish a mega gambling complex on a site up to 89,171 square meters by 2022.
The government is pinning high hopes on the casino resort to help revitalize the economy.
The resort is expected to bring in around 450 billion won of tax revenue, create 35,000 jobs and boost the nation’s annual tourism revenue to about 1.5 trillion won by attracting foreign tourists.
It would also be a great opportunity to spark some competition among other foreign casino businesses that are looking to enter the Korean market. Several entities are vying to set up shop on Yeongjongdo Island, including Paradise Group and World Hansang Dream Island, according to government sources.
With the casino project, the Incheon Development and Tourism Corporation plans to attract new investment in businesses related to casinos such as those in lodging and leisure.
“We think the LOCZ’s casino project will play an important role in revitalizing the city’s economy and have a positive influence on other business projects such as Yeongjong Sky City and the MICE business,” a government official said.
With the inflow of new business opportunities, industry watchers believe Incheon, once dubbed a ghost town due to its lack of infrastructure and weak real estate market, is fast transforming into a global entertainment hub.
By Lee Hee-ju and Lee Hong-seok
(
hjlee0301@heraldcorp.com)
