Saemangeum Development Corporation Outlines Integrated Resort Plans with Foreigners-Only Casino Under Review

The Saemangeum Development Corporation (SDCO) is seeking domestic and overseas investors for a major integrated resort combining accommodation, shopping, and MICE facilities, while weighing the addition of a casino restricted to foreign visitors only.

Na Gyeong-gyun, SDCO President, said the organization is in active discussions to establish a tourism anchor within the larger Saemangeum initiative. Contacts include a large domestic company eyeing a 3,600-room resort and foreign parties interested in the casino component limited to non-citizens.

At a press briefing in Sejong, Na underscored the project’s core purpose.

“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 authority stressed that an integrated resort remains the objective, not a casino open to South Koreans. Any such expansion would demand national consensus and legislative changes.

“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 Casino Eligibility and Project Scale

Under the Saemangeum Project Act, foreign investors contributing at least $500 million to qualifying tourism projects become eligible for a foreigners-only casino licence, though final permission rests with the Minister of Culture, Sports and Tourism. Na confirmed overseas interest in pairing such a casino with the resort but released no names, sums, or schedules.

The Saemangeum project spans 409 square kilometres along the Yellow Sea coast. Its estimated budget reaches KRW22.2 trillion (approximately US$15.72 billion), funded by KRW10.9 trillion from the central government, KRW900 million from local government, and KRW10.3 trillion in expected private capital. The leisure-tourism zone accounts for 12.7% of the total area.

Infrastructure Buildout Tied to Investment

SDCO is preparing for growth linked to Hyundai Motor Group’s KRW9 trillion commitment. A second land supply for the smart waterfront city launches in September with 45 plots: 35 single-family residential and 10 combining residences with storefronts. Starting prices will run roughly 10% higher than the prior round, which sold all plots in 31 days at up to 41 bidders per lot. Buyers from outside North Jeolla Province made up 25% of participants; Seoul metropolitan residents accounted for 15%.

Kwon In-taek, head of the corporation’s Future Business Division, said further residential land is under review from 2027. An international school for families of foreign workers targets a 2030 opening, with SDCO in talks with education organizations from the United States, Australia, the United Kingdom, and India. According to World Casino News, these steps form part of the push to match physical development with expected demand.

The regulatory threshold and approval requirements set a clear sequence for any foreign casino participant.

Reporting: World Casino News

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