Incheon, South Korea has three casino resorts under construction. LongRunn International Group, a Chinese real estate investment firm, announced it is going to invest another $4 billion in creating a gaming destination on Yeongjong Island.
Yeongjong Island is west of Incheon city proper. It is known as the Seoul-Incheon International Airport, which was built on the human-made island. It seems that South Korea is vying to become like Macau’s Cotai Strip. LongRunn gained 19 acres of land at the beginning of February, which is on the eastern section of the island. It is across from the airport and required $81.5 million. The company says the new casino resort will be called Diamond City. It is also going to take $4.2 billion to construct the casino and hotel.
LongRunn describes their developments as seven-star hotels, with office towers, casino, mall areas, medical, cultural, and theme park amenities. There were also be schools. The project is in partnership with other Chinese owned enterprises, which are state-run. Diamond City will be built next to Caesars Entertainment resort casino. There is no news as to how long it may take for the fully integrated resort from LongRunn to be finished.
Understanding Incheon’s Economics
Incheon is called the free economic zone, a designation given in 2003. The territory was meant to become a place for tourism, business, logistics, and leisure. According to reports, it seems that the mission is successful. The increase in passengers and flights to Incheon is up by 17 percent from a year on year analysis of 2015 and 2016. The airport is also considered one of the best in the world by the Airports Council International. They are known for their amenities and services.
Casino resorts have been a slower addition to Incheon and the airport region. The first casino finally opened in April 2017, after taking $1.12 billion to build. It is Paradise City. The first several months of operation were a struggle for the casino. It seems the travel ban; China has placed on South Korea was a prominent reason for the low economic gain. The travel ban was put in place due to diplomatic and political turmoil.
China is a known supporter of North Korea. North Korea’s leader keeps making public threats against South Korea, and this has caused a bit of a rift between China and South Korea. It is hoped this might be at an end, so the rest of the casinos can finish their construction and welcome visitors without a travel ban.