South Korea’s Saemangeum Development Corporation plans new foreigner-only casino
The state-run developer is in talks with foreign investors over a potential casino as part of a 3,600-room integrated resort.
South Korea.- The Saemangeum Development Corporation (SDCO) is seeking foreign investment for a potential foreigner-only casino as part of a planned integrated resort. SDCO President Na Gyeong-gyun said foreign companies have already shown interest in investing in a casino and integrated resort, while the corporation is also in talks with a large domestic company over a 3,600-room integrated resort. No names, investment amount or project timeline have been announced.
Under the current Saemangeum Project Act, foreign investors that invest at least US$500m in tourism projects may qualify for a licence to operate a casino restricted to foreign visitors. The licence would also require approval from the Minister of Culture, Sports and Tourism.
SDCO is also considering the possibility of allowing South Korean citizens to enter the casino in the future. However, Na said this would require national consensus and changes to existing legislation. “National consensus is needed, and it takes considerable time to push forward,” the SDCO president said.
The planned resort would include around 3,600 hotel rooms, as well as shopping and MICE facilities. SDCO said the facility is intended to become an anchor for tourism and investment in Saemangeum. The wider Saemangeum project covers around 409 square kilometres on South Korea’s Yellow Sea coast and is being developed as an economic hub for industry, business and tourism.
