Casino Resort Complex Requirements

A perspective image view of a global theme park and resort in Jinhae Free Economic Zone, the site chosen as a finalist by the MCST.
A perspective image view of a global theme park and resort in Jinhae Free Economic Zone, the site chosen as a finalist by the MCST.

 

For regions which can apply for a project to build and operate an integrated resort complex that would include a casino, a total of nine sites were selected, including six free economic zones in Incheon, Ung-dong in Jinhae Free Economic Zone of Gyeongsangnam-do, a redevelopment area in Busan North Port, and Yeosu Gyeongdo Tourism Complex in Jeollanam-do.

The Ministry of Culture, Sports and Tourism (MCST) announced on Aug. 27 that it will receive a request for proposal (RFP) to develop and run the integrated resort complex for three months from Aug. 27 to Nov. 27. The ministry received 34 requests for concept (RFC), the step before a Request for Proposal (RFP), for four months from Feb. 27 to June 30.

As a result, all nine regions can submit RFPs. The evaluation committee assessed RFC proposals based on the superiority of project plans and the capabilities of possible developers, and proposed nine possible specific sites. Then, the MCST accepted the proposal and confirmed the nine finalists that can submit RFPs.

After reviewing the RFPs, approximately two final licensees will be chosen in Nov. The MCST said that it will decide the final number of licensees through RFP evaluations in a bid to clearly confirm the will of investors and avoid any possibilities to select licensees that can't carry out their projects.

For RFPs, the requirements include a minimum investment of more than 1 trillion won (US$847.46 million), foreign investment of more than US$500 million (590 billion won), and certain levels of credit ratings in order to confirm competitive investment demands. In particular, the requirements for RFPs will be equally applied to all operators, since there will be competition between and within the regions.

The integrated resort will feature various facilities such as a high-class hotel, international meeting facilities, cultural and art facilities, and a foreigner-only casino, aiming to become a global tourist attraction. In particular, it will include cultural and art facilities as essential facilities.

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