The Japan-based Universal Entertainment made an additional $110 million-investment to develop a comprehensive resort in Yeongjong, according to the Incheon Free Economic Zone (IFEZ) authority.
The company already invested $43 million in the resort development project last December.
The combined investment is the largest amount of foreign direct investment in a single tourism project conducted by Incheon since the establishment of the IFEZ authority.
Universal Entertainment is negotiating land purchase contracts with Korea Land & Housing Corporation and Incheon Development & Tourism Corporation.
As the Ministry of Culture, Sports and Tourism is scheduled to announce revised law on Designation and Operation of Free Economic Zone this month, the Japanese company will apply for preliminary examination on the operation of a foreigner-only casino to the ministry.
Universal Entertainment, founded in 1969, is a global entertainment company operating casino resorts and media business with 2 trillion won of market capitalization (86.5% of capital adequacy ratio) and cash reserves of 540 billion won.
The comprehensive resort project is designed to build northeast Asia's best resort containing a theme park, 2,000-room business hotel, 1,000-room casino hotel, 324-room membership resort and shopping mall.
Source: Yonhap News (Aug. 7, 2012)