One of the investors in the Jeju Myths and History Theme Park has decided to pull out of the project. Insiders say Genting Singapore may have foreseen challenges in opening a casino, and that may be one of the reasons for the change of heart. Joseph Kim reports.



Report
[SLUG]
Jeju Myths and History Theme Park construction site

This is the R zone of the Jeju Myths and History Theme Park that will accommodate a resort hotel with over 700 rooms.

Structures are being built and about 20 percent of the construction process has been completed.

Next to the street, construction work for a hotel and a venue for large gatherings is underway.

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US $760m invested, additional $240m by end of year

760 million US dollars has been invested in the construction thus far and 240 million dollars is to be poured in by the end of this year.

Casino business permission is likely a major factor for Genting Singapore, investor for the Jeju Myths and History Theme Park, to withdraw its money from the colossal project.

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Permit granted for 10,000 m2 casino

When Hong Kong based Landing International was the theme park's only investor, the park had gained building permission for a casino floor space of 10,000 square meters.

The casino permit was enough to attract the interest of Genting Singapore to invest in the theme park.

Genting Singapore and Landing International each held a 50 percent stake in what will become one of the largest theme parks in Asia.

The legal prerequisite for a casino business was satisfied when the theme park garnered funding of over 500 million dollars.

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Genting may have foreseen problems in casino licensing

However, Genting Singapore may have realized that new casino business permits are difficult to obtain because the province is reluctant to approve the business and the investors face public opinion against the gaming industry.

Sync
Provincial government representative
There are no legal barriers to opening a casino, but permission is given at the governor’s discretion. We were told that there will be no new casino permits before relevant laws are fully revised.
<씽크:제주도 관계자>
"법 상으로는 저희가 제재할 부분은 아닌데 허가 부분은 도지사 재량이
니까 계속 밝히는 것처럼 제도 정비가 완료되기 전에는 신규 카지노
허가는 없다. 그런 식으로 얘기한 부분도 있으니까.."


Additionally, Genting might conclude that regulations for casino business in the proposals for the sixth revision of the Jeju Special Law would pose higher entry barriers than any other regions in the nation.

More than 80 percent of revenue in the Sentosa Resort comes from the gaming business. Genting is the parent company of the Sentosa Resort in Singapore.

Genting Singapore sold its shares in Jeju, and now stands to gain about 47 billion won in profit from the sale. They have left the island.

[Reporter] Joseph Kim
[Camera] Kim Yong-min

Foreign capital will discontinue if investors cannot achieve their objectives.

As some had predicted when the project was first announced, foreign investors are leaving.

Joseph Kim, KCTV