Chinese developer LongRunn signed a deal last Sunday with the Incheon Free Economic Zone to build a casino city in South Korea.
Sprawling for 76,000 square metres in Yeongjong Island, Diamond City is set to rival the likes of Macau and Las Vegas, according to Incheon Free Economic Zone Commissioner Kim Jin-yong.
The project, situated in the same island as the Incheon International Airport, will include a seven-star hotel, shopping malls, office towers, schools, and theme parks. An “interactive world cultural avenue,” Diamond City will also have a K-pop hub, in addition to a medical centre for cosmetic surgery.
Under the terms of the deal, signed in Singapore, LongRunn will develop the site for KRW4.5 trillion (USD4.2 billion). The plot is valued at USD80 million.
The Korean government has been in discussions with LongRunn since 2014.
Incheon has fast become a cluster of casino developments in recent years. The area is also home to Paradise City, a casino-and-hotel complex opened to foreign players since April.
Paradise City is a joint venture between Japan’s Sega Sammy Holdings and South Korea’s Paradise Co Ltd.
US-based casino operators Caesars and Mohegan Sun have announced plans to build similar projects in the neighbourhood. In cooperation with the South Korean government, the former will be building Midan City, a casino resort with residential, commercial, educational, cultural, and hospitality components.