Japan casino mogul pledges big investment in Incheon

“We will directly invest 60 percent of the project`s cost, so please provide us with land at a very cheap price.”

This is what Japanese casino mogul Kazuo Okada proposed to the mayor of Korea`s second-largest port city of Incheon on Monday.

Incheon Mayor Song Young-ghil said in response, “Since we plan to invest in the construction of a world-class shopping mall at the center stage of Yeongjong Island, let’s work together to create a synergistic effect with a casino project.”

Song and Okada held talks at a hotel in Songdo International City in Incheon. The Japanese runs Okada Holdings, which makes and distributes slot machines in Japan.

Okada expressed a strong commitment to invest in a casino, including 4.9 trillion won (4.15 billion U.S. dollars) to build a general resort complex encompassing a casino town at the former site of Milan Design City, the centerpiece of Yeongjong.

Mayor Song responded by pledging generous support. Okada Holdings will construct a casino town covering 1 square kilometer, or one third of the allotted land, and has deposited about 49 billion won (41.5 million dollars) in funds to establish a special purpose company tasked with implementation of the project.