South Korea – Jeju Dream Tower aiming to be the ‘Marina Bay Sands of Jeju’By Phil - 13 December 2018
Lotte Tour, a South Korean tourism and transport company and the owner of Jeju Dream Tower, want its casino to become the ‘Marina Bay Sands of Jeju.’
The 38 storey, $1.4bn investment by Lotte Tour Development is beginning to dominate the skyline where it will soon be the tallest building on the South Korean holiday island.
Lotte Tour COO Lawrence Teo, who was once in charge of Melco Entertainment’s VIP-focused Altira Macau, said: “We want to be the Marina Bay Sands of Jeju. We know what tourists want.”
Earlier this year, Lotte Tour Development bought Paradise Group’s Paradise Casino Jeju Lotte, located in Hotel Lotte Jeju on the island of Jeju, for US$38.8m.
Union Gaming analyst Grant Govertsen believes the deal will eventually see Lotte Tour transfer the license from Paradise Jeju Lotte Casino to its US$600m Jeju Dream Tower project, mirroring the move of Landing International when it bought Jeju Hyatt in 2017, only to transfer the licence to Jeju Shinhwa World.
Mr. Govertson said: “Landing eventually transferred its license to Jeju Shinhwa World. We expect LTDC to do the same and ultimately transfer this license to Dream Tower when it opens in late 2019.”