Wednesday, 6th November 2024
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$1.6 billion project Inspire venue under construction in South Korea.

U.S. corporate finance vice president Christopher Jones said Wednesday amid growing concerns that foreign investors may shun South Korean stadiums in favor of using cash at three new integrated casino resorts planned for Japan soon.

In an exclusive interview, Jones reportedly told GGRAcia that the first phase of his company’s Project Inspire property will open during the last quarter of 2021 and will be able to take advantage of a large pool of potential foreign players who already live close to South Korea.

“There are more than 700 million people and the world’s largest cities within three hours of both Korea and Japan. Therefore, from a market perspective and overall proximity and convenience, we believe that there is sufficient demand to support the development of integrated resorts in Korea and Japan.”

Built on a 420-acre site near Incheon International Airport, the first phase of Project Inspire features a foreign casino with about 700 slots and 150 game tables, as well as a hotel tower with 1,250 rooms, suites and villas, later known to include 15,000-seat sports and concert venues, amusement parks and 204,000 square meters of convention and conference space.

According to Jones, Project Inspire could also get off to an advantageous start in the new competition while his company is considering the possibility of spending up to $4.5 billion to host an integrated resort casino on Japan’s northern island of Hokkaido.

“In the case of [Korea], our business will take years for the Japanese division to open, which will allow us to develop a wide range of customers locally in Korea. We believe that our [Korea] business unit has more advantages than other parts of Asia. From our perspective, we do not believe that supply to the region will negatively affect the overall return on [Korea] investment,” Jones added.

Jones’ optimism is apparently South Korean casino operator FaradaReacting by a spokesperson for Is Company, the head of the Seoul-based company explained that overall player demand will increase as more local gambling houses open.

Paradise is South Korea’s largest casino operator thanks to facilities in Seoul, Jeju and Busan, and reportedly opened a $1.7 billion Paradise City integrated casino resort with Japanese entertainment giant Sega Sammy Holdings in April 2017. The property is located on a 10.6 acre site adjacent to Incheon International Airport and is complete with about 160 live game tables and 350 casino slots.

An unnamed spokesman reportedly told GGRASIA that Paradise expects the overall increase in casinos in the region to create ‘more demand for visiting Korea for gaming purposes’. The CEO said he hoped the operator could further capitalize on cross-marketing opportunities with Sega Sammy Holdings Inc. and explained that the relationship could increase the likelihood of obtaining one of the licenses Japanese partners crave to operate an integrated resort in their casinos.슬롯사이트 순위

“If Japan’s Sega Sammy [Holdings Inc.] is selected as a casino operator in Japan, we will be able to continue to expand the Japanese market through cooperation.”

However, Lee Chung-ki, a professor at Kyung Hee University’s College of Hotel and Tourism, argues that the biggest loss since the opening of Japan’s general casino resort is probably the Kangwon Land casino in Korea. Opened in 2000 in rural Gangwon Province, about 93 miles from Seoul, it is the only facility in the country that allows locals to enjoy casino-style gambling and potentially faces the prospect of players leaving the floor to travel close to Japan.

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