Jeju Island, a South Korean province will soon have a new Casino, as reported by GGRAsia. In a statement released by the New Silkroad Culturaltainment it said that they have the permission from the Jeju Island’s governor to develop the Glorious Hill Casino resort.
Macrolink Glorious Hill’s subsidiary companies will develop the new Casino. The facility will feature, hops, residential homes, healthcare centers, a golf course, and a theme park apart from the Casino.
Silkroad has already been active in the Jeju Islands, and their MegaLuck Casino has been churning in significant revenue for the company. Raking in HKD 54.32 million (US$6.9 million) in the first six months of 2018, the Casino has been growing at a significant pace.
In their filing with the Hong Kong bourse on Monday, the company said that “The strong increase [in interim gaming revenue] was driven by higher tourist turnover from China to Korea as a result of gradual improvement of Sino-Korean relationship and the continued expansion of the VIP player market arising from successful promotion campaigns.”
Inspired by the performance of the MegaLuck Casino, Macrolink, is planning to hit the maximum with their ambitious Glorious Hill Resort project. To create the entire infrastructure, the firm has signed up with Melco International Development to handle the project development related to casino planning and development. Melco brings in a vast pool of experience as they have been key players in the industry in that region.
While it all seems to be good at the moment the road ahead for Silkroad is bumpy. The cutthroat competition is a challenge for any Casino operator in the country. Also, given the fact that these casinos are foreigner-only casinos, it will not be easy for Silkroad to beat the heat. GKL Grand Korea Leisure has already been struggling to maintain sustainable revenue growth amidst competition.
However, things might be different for Silkroad as they are also relying on their alcohol sales to be offered at the new Casino resort.