South Korea – Jeju Dream Tower moves closer to being able to house relocated casinoBy Phil - 26 March 2021
Lotte Tour Development Company Limited has taken a huge step towards being able to offer casino gambling at its new Jeju Dream Tower development on the South Korean island of Jeju with approval from the Standing Committee of the Jeju Provincial Council to relocate its current Jeju casino licence to the tower.
The relocation will now have to clear a plenary session of the council before being signed off by Governor Won Hee-ryong.
The Jeju Provincial Council’s Culture, Tourism and Sports Committee said the application ‘complies with employment regulations such as maintaining 80 per cent of hiring for citizens and 80 per cent of young people, and devises specific solutions for social side effects such as housing rights, learning rights and crime that local communities are concerned about.’
The relocation would increase the current gaming positions from five gaming tables and 51 slots to 150 tables and 300 machines with the gaming floor covering 98,166 sq ft.
The two 38-storey towers are now the tallest buildings in Jeju at 169 meters high and boast 1,626 rooms inside the 75-acre facility with the foreigner-only casino destined for the second floor.
Ki-Byung Kim, Chairman and Chief Executive Officer for Lotte Tour, said: “With the solid partnership that has been formed between Greenland Group, China’s largest property developer and co-developer of this project, China State Construction Engineering Corporation, the world’s largest construction company and main contractor who provided an unconditional complete guarantee, and Grand Hyatt as hotel operator, the Jeju Dream Tower integrated resort is expected to become a major tourist destination on Jeju Island. It will also create 3,000 jobs including hoteliers and casino dealers and contribute tens of billions of Korea won to the Jeju Tourism Promotion Fund every year.”
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.”