Popular South Korean vacation and honeymoon destination Jeju Island, also known as the “Island of the Gods,” is the site of a new $3.6 billion resort project for Berjaya Land Bhd.

Malaysia-based Berjaya got the provisional ok from the Jeju Free International City Development Center, or JDC, which will own 19 percent of the joint company to be known as Berjaya Jeju Resort Ltd. The agreement will become official in July with dedication of initial capital of $30 million.

Berjaya Jeju will be the master developer of the project, which will include an international-class hotel and condominium, casino, medical facilities, and retail and cultural offerings.

The goal of the development is to attract tourists primarily from Asia, the Middle East and Korea, using Berjaya Group’s global marketing network.

Berjaya has operations in Malaysia, Mauritius, Seychelles, United Kingdom, Singapore and Sri Lanka.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.