An increasing number of foreign companies are buying casinos in Jeju. (image: Korea Bizwire)
JEJU, May 2 (Korea Bizwire) — An increasing number of foreign companies are buying casinos in Jeju, as 4 out of 8 casinos have been taken over or are being taken over by foreign entities in the past year.
At the end of 2014, Grand Express Korea, a joint corporation established by Hong Kong-based Landing and Malaysia-based Genting, took over the Hyatt Hotel’s casino, and re-opened the facility under the name Genting Jeju Casino.
Landing and Genting also jointly established a corporation called Lamjung Jeju Development and are currently developing a resort complex in Seogwipo.
As Jeju city stated that it would not permit new casino development, it appears that the two Asian development giants have moved fast to take purchase more casinos.
Black Stone Resort, which operates golf courses, hotels and condominiums in Jeju, also bought a 52.5 percent stake in the Golden Beach Casino at the Jeju KAL Hotel.
It was reported that the company has been increasing its stake gradually over time.
The K Jeju Hotel Casino was also taken over by an individual who appears to be Chinese and a Korean. A Philippine individual is also known to have become a new board member for the casino.
Korean company Donghwa Development and Chinese corporation Green Land have decided to build Jeju’s highest sky-scraper, and Bunma Group also stated that it would develop a casino in Jeju.
By J. W. Choi (summerchoi@koreabizwire.com)
