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The project ‘must have an anchor facility to spur tourism demand and investment’
A South Korean developer wants to include a foreigner-only casino and a 3,600-room hotel on a huge land-reclamation project at the Yellow Sea on the west coast.
Saemangeum Development Corporation (SCDO) is building a US$15.72bn waterfront city with residential spaces and a Leisure-Tourism Area between several islands connected by bridges. It will protect the natural environment and provide jobs by attracting international businesses, high-tech industries, and tourism companies.
Speaking to Biz Chosen, SCDO President Na Gyeong-gyun said the project ‘must have an anchor facility to spur tourism demand and investment’ and said the group was in talks with foreign investors covering shopping, exhibition and conference facilities and a casino.
“We will create global living conditions through integrated development that encompasses tourism, shopping, lodging, and the MICE industry, and by expanding education and sports infrastructure.”
Na said: “National consensus is needed, and it takes considerable time to push forward [regarding a casino for Koreans]. The goal is not an open casino itself but to build an integrated resort. There are foreign corporations showing interest in investing in a foreigners-only casino and an integrated resort. We are also in contact with a domestic large corporation that is planning a 3,600-room integrated resort.”
Saemangeum Development Corporation CEO Na Kyung-Gyun said: “In order to realise the long-cherished dream to develop Saemangeum, we are dedicating ourselves to the Smart Waterfront City Project for urbanization of Saemangeum, new and renewable energy projects to become the hub of Green New Deal, discovery of mineral resources in the pristine natural environment of Saemangeum, and discovering new projects to lead the Fourth Industrial Revolution.”
“We are also committed to realising inclusive management to achieve the objectives of the K-New Deal that prioritise humanity and nature, based on the environmental, social, and governance (ESG) principles and management practices centring on customers, safety and the environment, and change.”
