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Ja Kweon Koo Jin S. Yun h
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allowed to make visa-free visits to Jeju. between US$800-900 million and will Ja Kweon Koo, LVegas’ chief oper-
Nevertheless, LVegas’ top manage- also focus on high-rollers. ating officer, points out that public per-
ment makes it clear that the island is ception about casinos in South Korea has
not in direct competition with Macau, Policy reform changed for the better over the past few
emphasising that the two places have years.
different things to offer. But certainly Also vital to Jeju’s competitiveness “In the past, many South Koreans
there are many things that the firm can as a gambling hub is the island’s gaming were strongly opposed to opening the
learn from Macau. policy. Although the island government’s country’s casinos to locals. But a new
“Macau has been very successful in low tax regime has been conducive to survey released [this October] shows that
terms of bringing in foreign capital,” says the overall development of the industry, 74 percent of the people now support
the firm’s chief financial officer Jin S. the fact that the casinos are barred from granting domestic access to the country’s
Yun, adding that Macau’s gaming boom entertaining locals continues to stand in future integrated resorts,” says Koo.
would not have been possible without it. the way of realising the sector’s full po- This U-turn in attitude is mainly the
He believes Jeju should be more proac- tential. result of the growing importance of gam-
tive in courting foreign investment to At present, Kangwon Land is the ing worldwide, coupled with a successful
steal a march on what will undoubtedly only casino in South Korea which is al- image makeover of Jeju’s casinos led by
be keen competition around the corner lowed to serve the domestic market in LVegas.
as other Asian countries press ahead South Korea, which makes the casino the Apart from contributing to the is-
with gaming liberalisation. most profitable in the country – account- land’s economic growth, the firm is also
According to Park, Jeju’s gaming ing for nearly half the country’s total an ardent supporter of local charity caus-
industry is still in its infancy and what is gaming revenue last year. es. “We are donating US$10,000 (MOP$
needed for its renaissance is a few more Kangwon Land’s exclusive access 80,000) to a local child cancer fund every
mega resorts. lasts until 2012 and it is widely expected month. In addition to monetary support,
In the island’s most ambitious project that the Korean government will at that our employees are also volunteering their
so far, Park’s firm, Gillman Investment point issue more licences to loosen re- time to help child cancer patients.
Asia, plans to open a 2,000-room inte- strictions on domestic access. In Park’s The firm is the only one in Jeju mak-
grated resort featuring a 60,000 square- opinion, lifting this ban will bring about ing a foray into charity work but hopes
foot casino with at least 30 VIP rooms real change to Jeju’s gaming industry as other operators will follow suit and help
on the island by 2010. a whole because it will attract foreign in- raise the profile of the gaming industry as
The property is estimated to cost vestors. a force for social good.
december 2008
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