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 casino will have 200 gaming tables and 400 slot machines.
Construction of the 38-story building is expected to start in May, to be completed by March 2019.
The “Dream Tower” will be the tallest building on Jeju Island according to Lotte Tour.
The Greenland Group said finding a suitable builder for the project was difficult as they wanted it to take full responsibility for construction.
Once completed, Lotte Tour will operate the casino and hotel, while Greenland Group will take care of the hotel.
According to Union Gaming, the latest casino project on Jeju will be one of the largest foreigners-only casino resorts seen so far on Jeju Island.
Currently there are eight operating casinos in Jeju, all of which are very small by international standards. According to Union Gaming estimates, Jeju is a growing market for international tourists, given the right circumstances the market has the potential to reach $2 billion in revenue.