Shares in South Korean casino and resort operators and construction firms spiked yesterday, buoyed by expectations that Pyeongchang’s hosting of the 2018 Winter Olympics could pump tens of billions of dollars into the economy.
At an International Olympic Committee (IOC) meeting, South Korea won the right to host the contest at the third attempt, capping a decade-long campaign to bring winter sports to this rustic town, and sparking all-night celebrations.
A study by the Hyundai Research Institute has said hosting the 2018 Games would inject 65 trillion won (US$61 billion) into Asia’s fourth-largest economy through investment, spending and spin-off consumption.
PHOTO: EPA/YONHAP NEWS AGENCY
On the Seoul stock exchange, Seunghwa Premium Construction Co surged to its daily limit of 15 percent on expectations the builder might be involved in the construction of a highway to Pyeongchang.
Hyundai Cement, which owns a resort in Gangwon Province, home to Pyeongchang, also surged 15 percent, while shares in casino operator Kangwon Land jumped as much as 9.5 percent.
The winning bid was a coup for Korea Inc as major conglomerates threw their support behind the bid, which was headed by Cho Yang-ho, chairman of flag carrier Korean Air Lines. Samsung chairman Lee Kun-hee is the country’s sole IOC member.
Japan is the only Asian country to host a Winter Olympics — in Sapporo in 1972 and Nagano in 1998.
Pyeongchang ran under the slogan “New Horizons,” arguing Asia’s stellar economic growth in recent decades and the continent’s massive population offered an untapped market for winter sports.
South Korea hosted the Summer Games in 1988 and the World Cup soccer finals together with Japan in 2002.
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