Korea Land Corp., operated by the government, signed a memorandum of understanding with real estate company HRH Construction Corp., which represents the interests of a U.S. delegation to Korea. The agreement, which gives the green light to investing $3 billion in Korean property, may result in attracting more foreign gambling operators.
According to Korea Herald, cited by Casinocitytimes.com, HRH is looking to build the project, which includes casinos, theme parks, convention centres, golf courses and hotels in Korea’s three free-economic zones – Incheon, Busan and Gwangyang. These locations are favourable for investors due to the system that offers tax incentives, low rent on land and eased labour regulations.
The second U.S. investment mission to Korea, which will examine possible development sites, is expected to bring new casino-related agreements. Many renowned operators hope to visit the country, for example Las Vegas-based casino and hotel operator MGM Mirage, Universal Parks & Resorts, Busch Entertainment Corp. and Starwood Hotels & Resorts.
“‘The U.S. investors found Korea a very attractive investment destination. They informally expressed their interest to even expand their investment, given supportive Korean government policies,” said ruling Uri Party lawmaker Yum Dong-yun, who received the U.S. delegation last month.
Korean gambling market, which has 14 casinos with only one casino available for Koreans, hasn’t been tapped by any foreign investor. At the same time, the country, which has no grand-scale resort similar to La Vegas, can serve as entertainment centre for about 400 million people from China and Japan, who are three hours away from Korea by plane.
Golden Palace launches skill games
Golden Palace, one of the largest and long-established e-casinos announced it is preparing to penetrate the skill games market. The company disclosed its agreement with SkillJam Technologies Corporation, the wholly-owned subsidiary of CES Software plc, a leading provider of skill gaming and exchange betting technology. Negotiations, which lasted for five months, resulted in a new online gaming service – pay-to-play games of skill.
SkillJam Technologies Corporation, which is one of the internet’s leading providers of fee-based games of skill, is well-known for its pay-per-play and subscription-based gaming products such as skill-based online games and downloadable deluxe games, which provide multiple revenue models for the business and its network of affiliate distribution partners. In addition to managing its own portfolio of diversified online gaming destinations, SkillJam also develops and hosts private-label gaming solutions for a broad network of destination sites.
Golden Palace is legally licensed by the Kahnawake Gaming Commission, Mohawk Territory of Kahnawake, Canada. The operator offers a variety of e-casino games, based on modern software, as well as 24-hr live support and reliable security system.