The Saemangeum Development Corporation (SDCO) is seeking investment for a major integrated resort project in South Korea that would combine accommodation, shopping, and MICE facilities, while also considering the possibility of attracting a foreigners-only casino.
SDCO President Na Gyeong-gyun said the organisation is in discussions with both domestic and overseas investors as part of efforts to create a tourism-focused development within the wider Saemangeum project. The corporation is currently in contact with a large domestic company planning a 3,600-room integrated resort, while foreign investors have expressed interest in projects that could include a casino restricted to foreign visitors.
At a press briefing held in Sejong, Na said Saemangeum requires a major tourism facility capable of generating demand and encouraging investment.
“Saemangeum must have an anchor facility to spur tourism demand and investment,” Na said. “We will create global living conditions through integrated development that encompasses tourism, shopping, lodging, and the MICE industry, and by expanding education and sports infrastructure.”
The development authority said the central objective remains the creation of an integrated resort rather than introducing a casino alone. Discussions surrounding a casino accessible to South Korean citizens would require broader public agreement and changes to existing laws.
“National consensus is needed, and it takes considerable time to push forward,” Na said, as reported by Chosun Biz. “The goal is not an open casino itself but to build an integrated resort.”
Foreign Investment Rules And Casino Framework
Under the current Saemangeum Project Act, foreign investors that contribute at least $500 million to tourism projects may become eligible to receive a licence for a foreigners-only casino. However, meeting the investment threshold does not automatically guarantee approval, as permission from the Minister of Culture, Sports and Tourism is also required.
Na confirmed that overseas companies have shown interest in developing a foreigner-only casino alongside an integrated resort project. He also confirmed discussions with a domestic corporation regarding a 3,600-room resort plan. The SDCO president did not provide details about potential investors, investment amounts, or expected construction schedules.
The Saemangeum project is one of South Korea’s largest land reclamation initiatives and is designed to create an economic hub focused on industry, business, and tourism. The development covers approximately 409 square kilometres along the country’s Yellow Sea coast, including reclaimed land, a lake area, and a new port outside the seawall.
The overall project budget is estimated at KRW22.2 trillion (approximately US$15.72 billion). Government funding accounts for KRW10.9 trillion, local government investment totals KRW900 million, and private investment is expected to contribute KRW10.3 trillion.
The planned tourism zone includes multiple islands connected by bridges, forming part of a wider Leisure-Tourism Area that represents around 12.7% of the overall development area.
Housing And Education Expansion Plans
Alongside tourism investment, SDCO is preparing additional development measures linked to expected economic activity in Saemangeum.
The corporation plans to conduct a second land supply for the Saemangeum smart waterfront city in September. The offering will include 45 plots through competitive bidding, consisting of 35 plots for single-family residential land and 10 plots for residential properties with storefront facilities.
The authority expects starting prices to be around 10% higher than last year’s winning bids. During the previous supply round, all available residential plots were sold within 31 days of the announcement, with the highest competition rate reaching 41 bidders per lot. Buyers from outside North Jeolla Province accounted for 25% of participants, while residents from the Seoul metropolitan area represented 15%.
SDCO is also preparing housing and educational infrastructure in response to Hyundai Motor Group’s KRW9 trillion investment commitment in Saemangeum. Kwon In-taek, head of the corporation’s Future Business Division, said additional residential land plans are being considered from 2027 due to expected demand growth.
An international school for foreign workers and skilled employees’ families is also under consideration, with a target opening date of 2030. SDCO is discussing cooperation with North Jeolla Province regarding facility investment and initial operating costs.
Na said the corporation is holding talks with overseas education organisations from the United States, Australia, the United Kingdom, and India.