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Paradise to build casino complex near Incheon Airport
By Korea HeraldPublished : Oct. 22, 2013 - 20:10
Paradise Co., a South Korean casino operator, said Tuesday it plans to build the country’s largest casino near Incheon International Airport, west of Seoul, to meet the demands of the rising number of tourists in Korea.
The firm said it will build the state-of-the-art resort dubbed “Paradise City” in Yeongjongdo Island, 40 kilometers west of Seoul, which will include foreigner-only casino facilities, as well as hotels and restaurants.
The groundbreaking is scheduled for April next year, and Paradise is aiming for the first phase to be completed on the 11,190 square meters of land by 2017.
“Paradise City will allow foreigners traveling via Incheon International Airport to experience South Korean pop culture and enjoy entertainment,” an official from the firm said.
The first phase of the project is anticipated to cost 1.9 trillion won ($1.7 billion), the company said, adding it will continue to expand the resort to take up 322,000 square meters of land. The detailed schedules for next phases were withheld.
Paradise said the project will generate 12,408 jobs with the production effect of 1.8 trillion won.
South Korea’s economy ministry eased regulations last year on setting up casinos in economic free zones in an attempt to attract foreign tourists.
Gambling is, however, illegal in most parts of South Korea, with Kangwon Land, located in Jeongseon, Gangwon Province, some 214 kilometers east of Seoul, being the only casino open to South Koreans.
“When completed, we expect it will attract daily visitors of 160,000 on average, with Chinese accounting for 55-60 percent,” the official said. “For now, however, there is no plan to open the casino to South Koreans.”
Yeongjongdo, home to Incheon International Airport, has been cited as one of potential investment opportunities for local casino operators, as South Korea attracted some 11 million foreign tourists in 2012.
Of 2.38 million tourists who visited the country’s 16 foreigner-only casinos in 2012, Chinese tourists accounted for 40.7 percent, followed by Japanese tourists at 33 percent. (Yonhap News)
The firm said it will build the state-of-the-art resort dubbed “Paradise City” in Yeongjongdo Island, 40 kilometers west of Seoul, which will include foreigner-only casino facilities, as well as hotels and restaurants.
The groundbreaking is scheduled for April next year, and Paradise is aiming for the first phase to be completed on the 11,190 square meters of land by 2017.
“Paradise City will allow foreigners traveling via Incheon International Airport to experience South Korean pop culture and enjoy entertainment,” an official from the firm said.
The first phase of the project is anticipated to cost 1.9 trillion won ($1.7 billion), the company said, adding it will continue to expand the resort to take up 322,000 square meters of land. The detailed schedules for next phases were withheld.
Paradise said the project will generate 12,408 jobs with the production effect of 1.8 trillion won.
South Korea’s economy ministry eased regulations last year on setting up casinos in economic free zones in an attempt to attract foreign tourists.
Gambling is, however, illegal in most parts of South Korea, with Kangwon Land, located in Jeongseon, Gangwon Province, some 214 kilometers east of Seoul, being the only casino open to South Koreans.
“When completed, we expect it will attract daily visitors of 160,000 on average, with Chinese accounting for 55-60 percent,” the official said. “For now, however, there is no plan to open the casino to South Koreans.”
Yeongjongdo, home to Incheon International Airport, has been cited as one of potential investment opportunities for local casino operators, as South Korea attracted some 11 million foreign tourists in 2012.
Of 2.38 million tourists who visited the country’s 16 foreigner-only casinos in 2012, Chinese tourists accounted for 40.7 percent, followed by Japanese tourists at 33 percent. (Yonhap News)
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Articles by Korea Herald
