By Kim Jae-kyoung
MACAU – A global casino mogul said that South Korea, particularly the Seoul metropolitan area, is his next destination to develop the so-called integrated resort (IR), citing Korea’s economic vitality and its proximity to China.
In an exclusive interview with The Korea Times at his office in the Wynn Macau resort on Jan. 12, Las Vegas developer Steve Wynn said that he is ready to invest a total of $2 billion to $3 billion in Korea once legal barriers are cleared.
Wynn Macau, owned by the Wynn Resorts, is the first Las Vegas-style integrated resort in Asia. Wynn is the chief executive officer of the resort located in Macau.
“I think we are an Asian company now. Where would be our best opportunity (next)? I absolutely think South Korea is terrific. Las Vegas, Macau and next is the greater Seoul area,” Wynn said.
“Korea’s general economic vitality and the level of literacy are excellent. In particular, the dynamism of Seoul and Incheon is great. If they got the reason to visit, it is the place where people would go. So I think if we had our brand in Korea, we would be successful.”
Wynn, the owner and founder of the Wynn Resorts, has been considering South Korea and Singapore as leading candidates but he said that Korea is now his number one priority because it is impossible to get rights in Singapore for the next five or six years.
“For practical reasons, I prefer South Korea. Singapore gave two casino licenses to other companies which will have the exclusive rights until 2016 or 2017 so they can’t add to that for another five to six years. So right now my priority is South Korea.”
An integrated resort or IR is a resort with a wide variety of leisure and entertainment attractions, including theme parks, casinos, shopping centers, restaurants, hotels and convention halls all housed in one district.
The new type of resort is gaining attention among Asian governments after Singapore and Macau successfully boosted their tourism industries following the establishment of IRs over the past few years. Leading IR developers, including Wynn, Sands and MGM, are looking for opportunities to develop new IRs in the explosive Asian casino market.
Wynn said that the biggest obstacle to his investment in Korea is the local law that prohibits Koreans from entering casinos. He claims that it is crucial to house a casino in an IR to create a large scale resort commensurate to those in Singapore and Macau.
“The biggest hurdle is that it is illegal at the moment. We are looking to create a resort that is open to Koreans and everybody, not just visitors,” he said. “In order to build a place that has the scale of attractions, it has to employee a lot of people. Without the opportunity to have local customers, you can’t keep it alive and meet the payroll and other expenses.”
The 70-year-old business guru said that Korea has the potential to become the great destination for global tourists, particularly rich Chinese travelers, and that he is willing to invest billions of dollars.
“If I could go to Seoul, I would build an entertainment convention complex to attract people from all over the world, which will be different from Wynn Macau. I would have a much bigger convention component,” he said.
“I’m an entrepreneur. I take risks. I wouldn’t hesitate to spend billions of dollars in Seoul if the (Korean) government clears legal issues. I would commit to the Korean government the resources in my company. If I were invited to Korea, I will be there in a second.”
Wynn is a business magnate who played a crucial role in the 1990s resurgence and expansion of Las Vegas. He built many iconic pieces in Las Vegas, including The Mirage, Treasure Island and Bellagio. He opened Wynn Las Vegas in 2005 and Wynn Macau in 2006. He also opened Wynn Encore Tower in Macau in 2010.