19 Feb 2015
Work starts on South Korea's US$1.8bn Resorts World Jeju development
BY Tom Anstey
A groundbreaking ceremony has been held for South Korea’s US$1.8bn (€1.6bn, £1.2bn) Resorts World Jeju, which is aiming to rival its Singaporean counterpart at Resorts World Sentosa.
Being jointly developed by Chinese property developer Landing International Development and Genting Singapore, the resort will cover 2.5sq km (1sq m) and will offer more than 20 different rides and attractions in seven different zones. Also included will be a waterpark and a themed food and retail complex. The resort’s premium hotels will have more than 2,000 rooms and will include Jeju’s first six-star hotel and a destination spa. In addition, cultural, leisure and entertainment amenities are planned, as well as 1,500 serviced apartments and residential villas.
Plans for the casino, theme park and resort were first announced last year, with the groundbreaking delayed from June 2014 after newly-elected governor Won Hee-ryong shot down the plans, stating that the original plan from Genting Singapore didn’t include a casino in the development.
The plans have since regained approval, but still face stiff opposition from local residents who have expressed concerns that the development will become a gambling hub. There are eight existing casinos on Jeju island, all catering exclusively to foreigners by law. Resorts World Jeju is planning to target visitors mainly from China, which makes up the largest share of tourism to the country at around six million for 2014 – a 43 per cent increase on the previous year.
"We believe we will help the province achieve its target of 15 million tourists by 2018," said Tan Hee Teck, president of Genting Singapore speaking at the groundbreaking. "We will provide employment opportunities for 6,500 direct and 25,000 indirect jobs."
The development is slated to open progressively from 2017, with the full development completed by 2019.
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