On Tuesday, about a thousand Lotte Tour Development employees were notified that they should prepare to show up at the newly-constructed Jeju Dream Tower to begin their work around the middle of next month. In the first wave, about 200 employees with experience operating hotel services and F&B have been instructed to show up to […]
Lotte Tour Development shareholders gave their consent on Monday for the company, established in 1971, to move its headquarters from Seoul to the soon-to-be opened Jeju Dream Tower. Lotte Touri Development Chairman Kim Ki-Byeong declared, “Through the Jeju Dream Tower Complex Resort, which has been created to become a key tourist attraction in Jeju, we […]
South Korean civil society organizations are crying foul after it was revealed that the second-largest investor in Lotte Tour Development, soon expected to open the Jeju Dream Tower and its casino, is none other than the National Pension Service. Corporate disclosures showed that the National Pension Service’s stake in the firm has risen from 6.4 […]
Lotte Tour Development Co., the company behind Jeju Dream Tower, has announced KRW 240 billion (US$213.6 million) rights offering to complete construction of its integrated resort. Existing shareholders will have first priority in subscribing for this rights offering. Rights unsubscribed by the existing shareholders will be offered to the general public for subscription. Mirae Asset […]
Construction at Lotte Tour Development's Jeju Dream Tower is making significant progress, while the overall South Korean market is trending higher after a political spat between Beijing and Seoul hit revenue at foreigner-only casinos last year.
Lotte Tour Development, a South Korean travel company, is making its first solo foray into the casino business with the acquisition of the Paradise Jeju Lotte Casino for KRW15 billion ($13.4 million).
Lotte Tour Development Co has selected Grand Hyatt as the hotel brand for its Jeju Dream Tower integrated resort. The hotel services agreement was signed on August 28 for Hyatt to operate 1,600 rooms, 11 restaurants and bars, and all other hotel amenities. It will be the world’s second-largest Hyatt hotel in terms of room […]
Lotte Tour Development Co, the company behind the proposed Jeju Dream Tower Integrated Resort is raising funds through the issuance of KRW 40 billion (US$35.3 million) of convertible bonds. A Lotte Tour Company official said that the money raised will be used to acquire one of existing foreigners-only casino license in Jeju, and for working […]
China State Construction Engineering Corporation (CSCEC) has been selected as the main builder for the 700 billion won high rise resort in Jeju Island, local media reports. The multi-complex resort, owned by Lotte Tour and Chinese real estate company Greenland Group will also include a casino for foreigners, shopping malls and 1,626 hotel rooms. The […]
South Korea’s Jeju Island looks set to get a second major foreigners-only integrated casino resort after Lotte Tour Development took over the Dream Tower Resort from privately held affiliate Dongwha Investment and Development Co. Lotte agreed to pay out 5.7 million shares, worth about $85 million for the injection of the IR. According to Union […]
Hong Kong-listed Landing International Development opened its Shinhwa World theme park at the end of September, as IR projects for the honeymoon island forge ahead despite the uncertainty caused by a diplomatic spat with China and tensions with the North. Arrivals from the mainland have slumped and while operators may be confident they can pull in tourists from elsewhere, they may find it harder to fill casinos.
With its pristine, golden beaches and exotic temples, Asia has cemented itself as a premium tourist region, attracting millions of travellers every year. Yet, these same attractions may also be keeping them away from Asia’s integrated resorts, with many tourists no longer drawn by slot machines and gaming tables, instead preferring to spend their hard-earned time and money on non-gaming entertainment options. So how do IRs stay relevant?