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The Korea Herald
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THE INVESTOR
March 28, 2024

Retail & Consumer

Sands Group hints at up to W6tr investment in Busan resort project

  • PUBLISHED :September 01, 2017 - 16:06
  • UPDATED :September 01, 2017 - 17:21
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[THE INVESTOR] US casino and resort giant Sands Group on Aug. 31 hinted at investing up to 6 trillion won (US$5.34 billion) in a resort complex project in Busan, some 400 kilometers southeast of Seoul, according to media reports.

Ron Reese, the group’s vice president of communications, reportedly visited the southern port city for discussing partnership opportunities with some 30 businesses. 


Singapore's Marina Bay Sands



“We are pushing for the development by investing 3 to 6 trillion won,” he said. “We are considering North Port as the location as it is well equipped with the necessary infrastructure such as accessibility and tourism traffic.”

“The core of the complex resort will be MICE (meetings, incentives, conferences and exhibitions) and the casino business will be negotiated with authorities so that even Koreans can enter with an admission fee,” he added, citing the success story of Singapore’s resort complex Marina Bay Sands.

The Sands Group also released results of the projected economic benefits of a complex resort in Busan commissioned by the city’s Integrated Resort Forum. According to it, after completion the production benefits will be 4.9 trillion won and the employment inducement effect will be 24,000 with the casino business making up around 2.5 trillion won or 52 percent of the total revenue.

“In order for Busan to become a world-class tourist and MICE city, the development of complex resorts are crucial. We will try our utmost to seek the cooperation and consensus of the local community while pursing the project,” said Cho Sung-jae, Chairman of Busan Chamber of Commerce and Industry.

By Alex Lee (alexlee@heraldcorp.com)

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