Genting is eyeing deep-pocketed Chinese gamblers and property buyers with its newest integrated development Resorts World Jeju.
According to a report by CIMB, the resort could add $145m per annum to Genting’s bottomline. RWJ will be the first integrated resort in Jeju, a South Korean resort island which received almost 3 million Chinese visitors in 2014.
CIMB expects RWJ’s foreigners-only casino to draw Chinese gamblers, particularly as Jeju is only a 2-hour flight away from major cities in northeast China. The development’s 1,518 residential units are also expected to be a hit with wealthy Chinese, as Jeju has a policy that grants permanent resident status to foreigners who purchase property worth at least W500m (US$0.4m) in Jeju.
Resorts World Jeju is a US$1.8bn development built on 2.5 million square metres of land in Southwest Jeju. It is a 50-50 joint venture between Genting and Landing International and will feature a 10,000 sq m foreigners-only casino, a Myths & History Theme Park and a 70,000 sq m retail complex.
Genting targets high-rolling Chinese gamblers with massive Jeju project