(LEAD) Provincial government eyes casino resort on reclaimed land

(LEAD) Provincial government eyes casino resort on reclaimed land
(ATTN: CORRECTS U.S. dollar conversion in fifth para)

JEONJU, South Korea, Jan. 27 (Yonhap) -- A provincial government said Tuesday it will push to build a casino resort on reclaimed land along South Korea's southwestern coast to attract tourists and boost the local economy.

North Jeolla Province said it has been in consultations with foreign investors to build an integrated resort in the Saemangeum area -- the world's longest seawall at 33.9 kilometers, creating 40,100 hectares of land -- after the central government announced plans earlier this month to build two more foreigners-only casinos.

"We are currently in consultations with two to three U.S. and Chinese investment funds to build an integrated resort," Lee Hyung-kyu, a senior official at the North Jeolla Provincial Office, told reporters. "Company officials from two will visit the site soon to discuss the project in more detail."

The project is not only aimed at building a casino for foreigners, but also creating a multi-purpose resort complex that accommodates leisure facilities and shopping areas to attract more tourists.

"After negotiations with private funds, we will draw up a plan for 1 trillion won (US$926.96 million) in investment and seek government approval within the first half of this year," Lee said.

Started in 1991, Saemangeum aims to become an eco-friendly waterfront city with high-end industrial, tourism and agricultural facilities as well as science and research institutes.

South Korea bans its people from gambling in all but one of its 17 licensed casinos, but the central government has been cautiously softening regulations, hoping to absorb some of the rapidly expanding Asian gambling market driven by wealthy Chinese.

ejkim@yna.co.kr
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