China firm plans $4.5b Incheon IR

LongRunn International, a Chinese real estate and resorts developer, has reportedly agreed to construct a $4.5 billion property near the Incheon International Airport in South Korea.

The company has agreed to buy a parcel of land for $80 million for the resort, which will be called Diamond City, Global Construction Review reports.

According to the company’s website, Diamond City is a new mixed development to be build on a 165,769m2 site comprising 740,925m2 of residences, a 7-star hotel, casino, office tower, retail mall, schools, medical and aesthetics centre, interactive world cultural avenue, K Pop hub and theme parks.
LongRunn said it will develop Diamond City in partnership with China state-owned enterprises and a prominent listed HK real estate developer.

The head of the Incheon Free Economic Zone, Kim Jin-yong, said the contract would help Yeongjong Island create an entertainment hub to compete with Las Vegas and Macau.

Last year, Paradise Co. and Japan’s Sega Sammy opened the Paradise City IR on Incheon, though progress on other planned resorts has been slow. Caesars Entertainment together with R&F Properties has a project in the works, as has tribal operator Mohegan Sun.

More news from this jurisdiction

South KoreaFriday, Mar 16, 2018

The South Korean government has decided to fire all 226 employees of Kangwon Land who were found to have obtained their jobs through nepotism.

South KoreaTuesday, Mar 13, 2018

Interblock announced today the placement of the company’s first electronic table games in Korea at Golden Crown Casino Daegu.

South KoreaMonday, Mar 12, 2018

South Korea’s Ministry of Culture, Sports and Tourism office was raided on Saturday after allegations emerged that a former tourism ministry official had used his influence to secure jobs for four of his family members at Kangwon Land.

South KoreaThursday, Mar 08, 2018

A blockchain focused casino and VIP solution provider, Dragon Inc, has established a partnership with South Korea casino Seven Luck to develop its VIP rooms with gaming oriented cryptocurrency.

South KoreaMonday, Feb 26, 2018

Landing International officially opened Jeju Shinhwa World Landing Casino on Sunday, with the opening ceremony officiated by Dr. Yang Zhihui, chairman and executive director of Landing International and Jay Lee, CEO of Landing Jeju Development Co.

South KoreaThursday, Feb 22, 2018

Hong Kong-listed property developer Landing International said it has received permission to relocate its casino on Jeju Island in South Korea to its new integrated resort and the facility will open on Feb. 25.

South KoreaFriday, Feb 02, 2018

Tribal gaming operator Mohegan Gaming and Entertainment reported net income of $29.2 million for the first quarter ended December 31, 2017, compared to a loss in the prior year period.