The luxury resort will be constructed on Jeju Island, which lies off the country's southern coast, they said in a joint statement.

"The iconic destination will be Jeju Island's largest tourism resort to date, with luxury hotels, a shopping mall, a theme park, villas and apartments, as well as gaming entertainment and other leisure and entertainment facilities," the joint statement said.

Both firms will jointly own, manage and operate the casino resort when it opens from 2017.

The volcanic island, known for its natural beauty and rugged landscapes, attracts about 10 million visitors annually, of which up to 25 percent are foreign visitors, the statement said.

Genting Singapore, which is listed on the Singapore Exchange, operates one of the city-state's two casinos and is part of Malaysia's Genting Group conglomerate.

"We are delighted to have the opportunity to be the first foreign and global operator to develop an integrated resort in Korea," said Genting Singapore chairman Lim Kok Thay.

"We have long been interested in establishing a presence outside mainland China," Yang Zhihui, chairman of Landing International, said.

Landing International is listed on the Hong Kong Stock Exchange.