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South Korea – Delays hit Genting’s Resorts World Jeju ground-breaking ceremony

By - 23 June 2014

Genting Singapore’s plans to build a US$2.2bn casino resort in South Korea’s Jeju Island are facing delays prior to a ground-breaking event on June 24.

Despite having already sent out invitations for guests and the media to attend, Genting has decided to reschedule the ground-breaking ceremony.

Genting Singapore stated that the postponement was to give it the opportunity to speak to the newly-elected governor of Jeju about the casino’s vision and its economic contribution to Jeju Island.

The company now expects construction of Resorts World Jeju to begin in the third quarter of 2014 and that it will open in stages from 2017.

In February, Genting Singapore said partnering with Chinese property developer Landing International Development, marking it first move into South Korea. The resort would feature roller coasters, hotels with castle-like facades and replicas of monuments like the Taj Mahal and the Pyramids, the iconic destination will be Jeju Island’s largest tourism resort to date. Landing International and Genting Singapore will jointly own, manage and operate the integrated resort when it opens progressively from 2017.

Yang Zhihui, Chairman of Landing International, said back then: “We have long been interested in establishing a presence outside Mainland China. We are excited to form this strategic partnership with our world-class partner, Genting Singapore to develop and operate this flagship project in Jeju Island in the pursuance of an integrated resort, which will herald a brand new experience for visitors and tourists. By leveraging the expertise and experience of Genting Singapore in the gaming and integrated resort development and the Group’s management experience in property development projects, we are confident that the Jeju Project will become another fully integrated destination resort in Asia.”

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