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S. Korea's Incheon Seeks to Rival Macau in Gaming

 
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dairyairy



Joined: 17 May 2012
Location: South Korea

PostPosted: Sun Nov 04, 2012 1:04 am    Post subject: S. Korea's Incheon Seeks to Rival Macau in Gaming Reply with quote

S. Korea's Incheon Seeks to Rival Macau in Gaming
http://www.businessweek.com/news/2012-10-30/south-korea-s-incheon-plans-gaming-destination-to-rival-macau

Quote:
South Korea’s Incheon city, where the nation’s busiest airport is located, plans to team up with a group of investors to develop a 317 trillion won ($290 billion) leisure and gaming destination three times the size of Macau.

The project called 8-City will be located in Yongyu-Muui island district in Incheon and built over 18 years, according to developer Eightcity Co., whose shareholders include luxury hotel operator Kempinski AG, Korean Air Lines Co. and Daewoo Engineering & Construction Co. The development will spread across an 80 square-kilometer (31 square-mile) area, it said in a statement today.

The new development, which will include hotels, casinos, performance halls, shopping malls, a marina resort and Formula 1 race course, will help push South Korea up in the ranks of Asia’s top destinations. The project will be built through 2030 and will draw 130 million visitors annually from the country and overseas markets including China and Japan, the developer said.

“Eightcity is aiming to become a city that has the advantages of gaming and entertainment offered by Las Vegas, the shopping and financial hubs of Singapore and Hong Kong, as well as Macau,” Shawn Park, chairman of Eightcity, told reporters and investors at a briefing in Seoul today.

The cost will include construction and land, as well as roads and other infrastructure developments, it said. The first phase of construction will begin in the first half of next year, according to the statement. The development is expected to add 930,000 jobs, it said.

Incheon is located 40 kilometers (25 miles) west of Seoul and has the main airfield to South Korea.

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dairyairy



Joined: 17 May 2012
Location: South Korea

PostPosted: Sun Nov 04, 2012 1:12 am    Post subject: Reply with quote

I just have a few points to make about this venture.

1) It will cost a bundle since it will take 18+ years to complete. How much longer will only add much more expense to it. In Korea there's no way anything gets completed on time and on budget.

2) Once it is completed it will take time to recoup the investment but it should do well with the love of gambling in Asia.

3) The fact that this will be completed so far into the future should give you an idea about the disposable nature of politicians and the permanence of greed, corporations, and organized crime. There will be at least 4 more Korean Presidents before this is completed. Politicians come and go but the real powers live on.
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pugwall



Joined: 22 Oct 2006

PostPosted: Sun Nov 04, 2012 5:16 am    Post subject: Reply with quote

Macau is where corrupt Chinese officials can go to clean their cash. I dont see them able to do this in Incheon, so the project will be a failure.
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