Foreigner-only casinos to open in Saemangeum

The government announced Tuesday that it will allow the building of foreigner-only casinos in Saemangeum from September 2013.

The 400-square-kilometer-wide reclaimed tidal flat, about two-thirds the size of Seoul, is currently in the process of being transformed into an industrial park with tourism and leisure facilities.

According to the Ministry of Land, Transport and Maritime Affairs, a special act on Saemangeum, located in the southwestern part of the country, will allow both domestic and foreign companies to open casinos catering to non-Koreans.

The act will go into effect on Sept. 11, 2013, mandating the government to set up the Saemangeum Development Office to more systematically supervise and undertake the project.

Currently, six different ministries and government agencies have a say concerning the project, which critics say often caused discord among interest groups and thus hindered it from progress.

“The act will provide a much-needed boost to the Saemangeum project, which has often been stalled over the past 20 years due to political conflicts and budget constrains among other reasons,’’ a ministry official said. “This will help Saemangeum attract investment from the private sector. Additionally, more companies will be interested in setting up operations in the area.’’

The government expects multinational casino operators will become more interested in establishing a comprehensive leisure complex there, the official said, stressing it was necessary to offer a wide range of incentives to turn the area into a Northeast Asia tourism and business hub.

Seoul has spent around 3 trillion won ($2.8 billion) since 1991 to build the world’s longest 33.9-kilometer-long seawall and reclaim 40,100 hectares of new land and create a freshwater lake.

Initially, the project was to exclusively secure farmland but its purpose has been modified a number of times over the past two decades.

In March 2011, the government finalized the Saemangeum plan under which about 30 percent of the reclaimed land will be set aside for farming, while the remaining 70 percent will be used for other functions, including an eco-friendly manufacturing hub for automobiles, industrial materials and reusable energy companies.

On top of the industrial site, tourism and leisure complexes, and residential districts will be constructed. <The Korea Times/Lee Hyo-sik>