Hong Kong-listed property developer Landing International said it has received permission to relocate its casino on Jeju Island in South Korea to its new integrated resort and the facility will open on Feb. 25.
Jeju’s government gave the company permission to increase its gaming floor area to about 5,500 square meters, about seven times the existing area, it said in a release to the Hong Kong Stock Exchange.
The company plans to open with 155 live gaming tables including Baccarat, Poker, Blackjack, Roulette, Tai-sai, and 239 slot machines and electronic table games.
“The company expects Landing Casino to become one of the key attractions for visitors to Jeju Shinhwa World upon its relocation, as it will serve to offer visitors a complete world-class hospitality, leisure and entertainment experience,” it said.
“In addition, the relocation of Landing Casino and its marked increase in capacity will better position the group in achieving its goal of developing the ‘‘Landing’’ brand into a world-class brand in the gaming and entertainment industries.”
Phase One construction of the project has now been completed. The theme park opened in September and Marriott and Somerset-branded hotels opened in the fourth quarter.
For the year ended 31 December 2017, the group reported IR segment revenue of approximately HK$69.6 million ($8.9 million) from hospitality, food and beverage services and theme park ticket sales.
Revenue from its old casino fell to HK$235.8 million from $363.4 million a year earlier. It posted a segment loss from continuing operations of approximately HK$117 million.
Landing said it plans to accelerate the construction of a waterpark and theme park hotel to 2018, bringing the deadline forward by one year.
Jeju Shinhwa World Four Seasons Resort & Spa and the Lionsgate Movie World, which will also form part of the development, will open in the first half of 2020.