The Jeju Dream Tower, a new resort with a foreigners-only casino on South Korea’s Jeju Island, will open in “early fall,” according to Lawrence Teo, executive vice president and chief operating officer at Lotte Tour Development Co., promoter of the project.
Jeju Dream Tower is downtown in Jeju City, a popular holiday destination for mainland Chinese and other overseas tourists.
Teo informed GGRAsia that construction “will be completed by end of June 2020.”
In the same emailed update, the Lotte Tour executive also noted that his company had recently secured a loan of KRW650 billion (US$526.3 million) from Shinhan Financial Investment and Korean Investment Securities, for purpose of funding the Jeju Dream Tower construction completion and its eventual launch.
The construction of the Jeju Dream Tower began in May 2016. Its 38 floors make it the tallest building in Jeju. The complex will feature a Grand Hyatt-branded hotel as well as a casino and other leisure facilities.
In July 2018, Lotte Tour Development Co Ltd, the Lotte unit involved in Jeju Dream Tower, said it might apply to transfer the rights of another Jeju venue’s gaming license to Jeju Dream Tower. At the time, Lotte Tour had announced a deal to acquire the entire capital of Paradise Jeju Lotte Casino – a venue operated by South Korean gaming operator Paradise Co Ltd. The casino is inside the Lotte Hotel Jeju, tourist accommodation operated by Lotte Hotels and Resorts.
