Having ventured successfully into the Asian gaming market in Macau, it appears that Las Vegas Sands is considering an integrated resort project in the South Jeolla Province of South Korea. The Sands Macau development has been so successful that the company is already in the process of spending around US$4 billion on the Macau Venetian due to open in 2007. An integrated resort in South Jeolla is part of the local government plan for the region.

About 430km south of Seoul in the Honam region lies the beautiful area of South Jeolla Province, with the warmest weather of the country. Primarily agricultural, there is a strong cultural history and the capital Gwangju, also known as the City of Light, is a centre for artists. The long coastline, overlooking the Jeju Strait and around two thousand mainly uninhabited islands, has made the place ideal for the local government plan to build a seaside destination resort on over 99sq km of land put aside for the project.

Sheldon Adelson, chairman of Las Vegas Sands, has reportedly been in South Korea to discuss the establishment of the resort iin South Jeolla. At present casinos in South Korea are only open to foreigners, except for the Kangwon Land resort in Gangwon Province, which has the country’s largest casino with some 960 slot machines and 132 gaming tables. There are as yet no details on possible timing and development costs for the South Jeolla project but a Las Vegas style resort in the province would be expected to draw millions of tourists from Japan and China. It would also be additional competition for the two planned integrated resorts in Singapore. (E-06.27.05)

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