South Korea: Glorious Hill Casino Project Stalled

Jeju, an island in South Korea known as Quelpaert or Quelpart, remains a popular tourist destination for South Koreans and Chinese. The archipelago is home to many casino hotels that welcome thousands of visitors each year. The New Silkroad Culturaltainment Ltd group wanted to take advantage of this reputation by planning to build a large leisure complex there for gambling. So far, the work has not yet started.

Promising results

Created in 2001, the New Silkroad Culturaltainment Ltd group is listed on the Hong Kong Stock Exchange and has already obtained a construction permit from officials for more than a year. Faced with financial difficulties, the company announced that the procedures have not yet started. Considered to be an ambitious and very lucrative project, the group unveiled its first plans during the year 2016. It is a development of an establishment which is strongly inspired by the casinos of Las Vegas.

The chosen location remains Jeju Island located in South Korea and the name of the site: Glorious Hill. According to the information gathered, this complex presents itself as one of the largest casino hotels in the country. In terms of capacity, the place should house several 5-star hotels with 1,000 rooms and suites. Not to mention, the addition of a shopping arcade which contains bars and restaurants, a spa, a fitness room, karaoke, a theme park, golf courses and a huge game room for gambling. and chance. The structure will be located in the city center, in the Hallin district, half an hour’s drive from the international airport and close to tourist sites such as Jungmun Resort and Geumleung Beach.

Despite all these benefits, the project seems unfeasible following the group’s statements. The publication of the results for the fiscal year 2019-2020 concluded a significant decrease in operating income compared to the previous year. Faced with this sharp decrease, the Glorious Hill construction project has stalled. It should be noted that the gross products plummeted by 7.3% recorded especially at the MegaLuckk casino in the KAL hotel. The latter represents at least 39.1% of the group’s turnover. A decrease caused among other things by the spread of the Covid-19 epidemic since customers desert the gaming room. The pandemic caused a sudden drop in revenues reaching 20.2% to 82.6 million HKD, or 10 , About 2 million euros.