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2-3 foreign companies have expressed much interest… KRW8 trillion investment

Provincial Governor Wan-ju Kim’s report about the plan to construct the “Maritime Casino” to the new President-elect Myeong-bak Lee on February 22 revealed the province’s detailed plan to the public eye.  The fact that Maritime Casino Project has been pushed forward by Jeollabuk-do Province as a hidden card for the development of Saemangeum has attracted much interest.

According to the announcement made by Jeollabuk-do on February 23, 2-3 casino companies based in Utah and Las Vegas of the US have expressed much interest on the province’s plan to construct the “Maritime Casino” in Saemangeum.

The province stated that 2 sites between Shinshido and Yamido Islands and the mouth of Dongjingang River enclosed by Saemangeum embankment were selected as candidate sites for the Maritime Casino Project.  It is currently undergoing discussion of plans for the investment of approximately KRW8 trillion with a number of foreign companies.

In this regard, Chairman of the American Gaming Association and representatives of large casino companies from the US will visit Saemangeum before March to discuss detailed plans.

Their internal studies have concluded Saemangeum to be the optimal site for casino business in Northeast Asia to support the interest in investment.

The province will launch the project by securing the authorization for “foreigner exclusive” facility, and consider opening the facilities to Korean guests in the future.

Jeollabuk-do forecasts that it will be able to attract a large number of tourist visitors from port cities in the northeastern part of China such as Shanghai and Qingdao (est. population of 600 million), Japan, and Taiwan once Saemangeum Maritime Casino is constructed.

 lc21@yna.co.kr

(Jeonju = Yeonhap News) Reporter Cheong Lim

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2008.01.23