Chinese Casino Investment

Foreigner-only casnos, such as the Seven Luck Casino, are common in South Korea. Only non-Koreans can enter them.
Foreigner-only casnos, such as the Seven Luck Casino, are common in South Korea. Only non-Koreans can enter them.

 

Chinese real estate developers are turning their eyes to casinos in Korea and Australia, amid the slump in the Chinese realty market.

According to a recent report of the Morning Whistle Group, a foreign investment consultant in China, leading real estate developers in China are moving ahead with a series of casino development projects in Australia and Korea. For example, the Lippo & Caesars Consortium (LOCZ Korea), jointly established by Chinese and American capital, is planning to set up a foreigner-only casino in Yeongjongdo, Incheon. Permission was granted by the Korean government in March this year.

Landing International Development held hands with Genting Singapore as well to work on a US$220 million casino in Korea. The Greenland Holding Group was reported late last year to build a 58-story hotel and casino in Jeju Island at an investment of 6 billion yuan (US$970 million).

The report reads that Jeju, along with Queensland of Australia, are emerging as the most preferred investment destinations for Chinese real estate investors these days. “The gambling industry is illegal in China, but it is generating more profits than the other sectors nowadays, to attract Chinese real estate investors,” said the Morning Whistle Group.

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