Jeju Dream Tower to be released in the fall

The organizer of Jeju Dream Tower Venue (artist’s rendering photo), a new resort with foreigner-only casinos in Korea, plans to launch the project in early fall this year. Lawrence Theo, vice president and chief operating officer of the organizer’s company Lotte Tour Development Co., Ltd., said via email in response to our inquiries

Jeju Dream Tower is a downtown area in the city of Jeju, the main city of Jeju Island. The latter is a semi-autonomous jurisdiction on the Korean coast, and usually a popular vacation destination for mainland China and other foreign tourists.

In response to a question from GGRAsia about whether the completion and opening date of the Jeju Dream Tower has been affected by the ongoing COVID-19 pandemic, Mr. Teo replied, “Construction will be completed by the end of June 2020.”

In the same email update, a Lotte Tour executive also mentioned that it recently received 650 billion won (US$526.3 million) in loans from Shinhan Financial Investment and Korea Investment & Securities to fund the completion and final opening of Dream Tower in Jeju.

Construction of the Jeju Dream Tower began in May 2016. With 38 stories, it became the tallest building in Jeju. The complex is intended to accommodate Grand Hyatt-branded hotels, casinos, and other leisure facilities, according to a previous announcement by the promoter.

The Casino Policy Department, the gaming industry oversight body on Jeju Island, confirmed to GGRAsia in January that the Jeju Dream Tower initiative should be evaluated by local authorities for its social impact on the host community. It said the evaluation is legally necessary if existing Jeju casino operators want to more than double their game management capabilities.

In July 2018, Lotte Tour Development Inc., a Lotte affiliate related to Jeju Dream Tower, said it could apply to transfer game licenses from other Jeju stadiums to Jeju Dream Tower. At the time, Lotte Tour announced a deal to acquire the entire capital of Paradise Jeju Lotte Casino, a stadium run by Paradise Inc., a Korean game operator. The casino is located inside Lotte Hotel Jeju, a tourist accommodation run by Lotte Hotels and Resorts.

BY: 카지노사이트

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