Proposed Move of Casino Delays Opening
South Korea Jeju Island’s, Jeju Shinhwa World resort has held back its opening of its casino once again, due to a delay in transfer of the license from another facility to the resort. Hong Kong’s Landing International Development, which was to operate the casino announced that the casino was to originally open on December 8 last year. The grand opening has been delayed twice to 18 January 2018. Then on Wednesday, it was announced that the opening would once again be postponed to another date.
It was stated by a spokesperson that Landing International wishes to Move their current casino operations to the resort from a local Hyatt hotel, thus causing the delay.
The spokesperson stated
“We have submitted our application to relocate our casino in Hyatt Jeju to Jeju Shinhwa World. The Jeju government is currently processing our application, and we expect the casino transfer to be approved by the Jeju government after the next sitting of the Jeju (Provincial Council) in February 2018.”
Currently, in the Hyatt, their venue has only 16 slot machines and 28 tables, but with the proposed move to the resort casino, they would feature 240 slot machines and 160 tables.
Other Attractions Already Open on the Resort
The first phase of operations began at the Jeju Shinhwa World resort last year in September with a theme park, hotels, a convention center and retail stores. Until the casino opens on the resort, it will not be regarded as being truly complete.
Last August, the company stated:
“It is recognized that [a] casino is one of the most essential facilities within an integrated resort to complement better offerings to its visitors with a complete hospitality experience.”
Landing International said that they will continue to offer training to the approximately 2,000 staff including the intended casino staff, while they wait for the transfer of the gambling license.
Aside from Kangwon Land, approximately 100 miles south of Seoul, which allows for local players, only foreigners will be allowed to gamble at the new resort casino, as it is in nearly all casinos in South Korea.
Recently the Korean government issued an order to the resort to reduce its gambling operating hours from a 20-hour schedule to 18 hours a day, which is likely to decrease revenues for the facility.
Jeju Island, situated off the coast of Korea is the largest of all the islands, and makes up the sum of the Jeju Special Administrative Province.
Jeju Island is a popular tourist destination for Chinese nationals who can enter without a visa. Due to a temporary ban on travel introduced by the Chinese President, Chinese tourism has declined on the island substantially. This decline may cost South Korea in excess of $4.5 billion, as stated by the Bank of Korea.