Lotte Tour Development has the potential to see a turnaround in its performance this year, according to SK Securities analyst Seung-Doo Na.
Lotte Tour Development has now acknowledged that some of its shopping facilities within Jeju Dream Tower are larger than regulations permit, but pledged to be more careful in the future.
Approval for the opening of the LT casino at the much larger premises of the Jeju Dream Tower has been granted by a plenary session of the Jeju Provincial Council on a majority vote. Police investigations of the possible manipulation of public opinion surveys are ongoing. The final decision rests with the governor.
Jeju Dream Tower is one step closer to getting a casino after the local council approved its request to transfer an existing license to the new property.
When the Jeju Dream Tower opened its doors to the public in December, the executives of Lotte Tour Development told the local press that they hoped to have all the necessary permissions to open the casino by March.
Lotte Tour Development’s hopes of gaining quick approval to open the Jeju Dream Tower casino have been frustrated as the Jeju Provincial Council has delayed a decision, opting instead to investigate accusations by a local anti-casino group that the earlier public opinion surveys may have been manipulated.
Lotte Tour Development is eagerly awaiting official permission to open the Jeju Dream Tower casino, something which will likely boost revenues considerably. However, the licensing process has been proceeding more slowly than anticipated. Originally thought likely to open in March, rearguard opposition from some civic groups could delay the matter past the end of April.
A local group has accused the authorities of showing favoritism to Jeju Dream Tower by allowing it to have a shopping area floor size that exceeds legal limits. This accusation may be part of efforts by opposition groups to head off the opening of the casino facility.
Permission from the Jeju Provincial Council for the Jeju Dream Tower casino to open this month could be delayed as an outbreak of Covid among employees of the council itself is causing meetings to be canceled.
Lotte Tour Development, operator of the newly opened Jeju Dream Tower, has reported net operating loss of KRW78.8 billion (US$70.1 million) for the full year 2020, representing a sharp deterioration in financial performance.
A local group opposing the opening of the Jeju Dream Tower casino opened a new front in its attacks on Lotte Tour Development by accusing it of manipulating opinion polls that showed a favorable public response to the project.
A local group is urging the Jeju authorities to deny Lotte Tour Development a casino license for the Jeju Dream Tower casino.
Lotte Tour Development held a special promotion for Jeju residents at Jeju Dream Tower that gathered more than 13,400 participants. Some residents won a one-night stay at the Grand Hyatt.
The local government has confirmed receipt on January 29 of Lotte Tour Development’s application to move its LT Casino to an expanded location within the new Jeju Dream Tower. The firm hopes that the foreigner-only casino can open in March.
Lotte Tour Development is reportedly planning to submit its application to license its casino within Jeju Dream Tower this month. The firm is aiming for a March opening.
Hyatt Hotels Corporation has announced the opening of the 1,600-room Grand Hyatt Jeju in South Korea, the largest Hyatt hotel in Asia Pacific. This hotel is part of the Jeju Dream Tower which opened on Friday.
Local residents of Jeju are being treated to the first public tours and light shows on the media facade at the Jeju Dream Tower, scheduled to open on Friday.
Executives of Lotte Tour Development have told the local press that they are ready to move forward with the opening of Jeju Dream Tower soon after they receive their permit from fire safety officials, which could come at any time.
Jeju Dream Tower missed its October target for opening and the date that it will open remains unclear, in part because the facility has yet to be certified as safe by the fire department.
The Covid-19 pandemic may be a trigger for South Korea to rethink its foreigner-only casino policy, as the country’s casinos struggle with a lack of tourism revenue.
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 […]
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 […]
South Korea’s three major operators are likely to come through the economic downturn caused by the Covid-19 pandemic without too much difficulty, but the smaller and weaker operators on the island of Jeju may face a much tougher time, analysts say.
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?