Silkroad gets permission to build resort on South Korea’s Jeju Island

Another casino will be popping up soon in South Korea. New Silkroad Culturaltainment has announced the governor of South Korea’s Jeju island has given them formal permission to develop their Glorious Hill casino resort, reports GGRAsia.

The permission goes to the companies Macrolink Glorious Hill subsidiary, who will develop five-star hotels, shops, homes, entertainment venues, health care facilities, a theme park and a golf course, in addition to a large-scale casino.

Silkroad isn’t a stranger to Jeju island though. They already have the MegaLuck Casino, located in the Jeju KAL hotel, and it’s been doing pretty well. The operation brought in HKD54.32 million ($6.9 million USD) for the first half of 2018, representing a 57.8% growth over 2017. They reported the strong growth came from favorable Chinese VIP sentiment.

This new Glorious Hill resort is a bid by the company to bring in a more “sustainable” revenue stream. Considering it will be a big step up from the smaller MegaLuck Casino, and the companies’ other revenue steam of wine and alcohol distribution, this is a big step for them.