Channel NewsAsia

Genting Singapore in joint venture to develop casino in S Korea

Casino operator Genting Singapore and Hong Kong-listed Landing International Development Ltd (LIDL) have joined hands to develop an integrated resort on Jeju island in South Korea.

SINGAPORE: Casino operator Genting Singapore and Hong Kong-listed Landing International Development Ltd (LIDL) have joined hands to develop an integrated resort on Jeju island in South Korea.

The integrated resort will include luxury hotels, a shopping mall, a theme park as well as gaming and entertainment facilities.

It will be Jeju island's largest tourism resort.

The total estimated cost for the development is about US$2.2 billion.

In a statement on Friday, Genting Singapore said it has entered into a joint venture agreement with LIDL, a Chinese property developer, to also own, manage and operate the integrated resort when it opens in 2017.

The 2.3-million-square-metre land for the integrated development was acquired by LIDL's subsidiary Landing Jeju Development Co. from Jeju Free International City Development Center in 2013.

Genting Singapore's chairman Lim Kok Thay said in the statement that "we are confident that together with Landing International, we will create a game changer for tourism development and employment in Jeju island.''
 

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