The gaming floor at South Korea’s Jeju Dream Tower will open this month. At 38 stories, Dream Tower is the tallest building on Jeju Island, and already features a retail mall, 14 restaurants and bars, an outdoor pool deck, a skydeck with lounge, two spas and the five-star Hyatt Jeju hotel.
It is operated by a subsidiary of Lotte Tour Development, LT Entertainment Co. Ltd., which applied to relocate the casino from the Lotte Hotel Jeju to the US$1.4 billion integrated resort in February.
That moved expanded the company’s gaming space fivefold to more than 5,000 square meters (54,000 square feet) and increased its five gaming tables and 51 machines to 150 tables and 300 machines. It’s the third largest of South Korea’s 16 foreigner-only casinos by floor space, behind only Paradise City in Incheon and Landing Casino at Jeju Shinhwa World, according to Inside Asian Gaming.
The lack of international tourism has constricted the market, but analyst Park Seong-ho of Yuanta Securities expressed confidence in the market saying, “Assuming Korea’s coronavirus herd immunity at the end of 2021 and the lifting of immigration restrictions between Korea and China in 2022, [the casino] can achieve more than KRW200 billion (US$180.5 million) in casino sales in 2022. It could be more than Paradise and GKL.”
