ream Tower integrated resort project is now part of Lotte Tour Development as Monday the latter joined forces with Dongwha Investment and Development Co Ltd.
If established, the new casino resort is expected to feature the tallest hotel tower on the territory of Jeju and a total of 1,600 rooms. As for the gambling amenities, there will be at least 400 slots, 200 table games and a great variety of facilities intended to meet the needs of those who do not play casino games.
According to a report, released by Union Gaming Securities Asia Ltd, there are eight casinos on the territory of Jeju Island but they are relatively small and each of them features approximately 40 tables and 20 slot machines.
Currently, the so-called Request for Proposal is taking place in Korea and no more than two licenses are to be granted. However, Jeju is defined as a self-governing region, which, therefore, means that the Dream Tower project has nothing in common with the RFP process.
Although there is a total of 17 casinos on the territory of South Korea, as many as 16 of them are intended exclusively for foreigners. The only casino venue that accepts South Korean residents is Kangwon Land.
Dream Tower will not be the first mega-resort on Jeju Island. Genting Singapore and Landing International Development joined forces for the establishment of a luxurious integrated resort estimated at US$1.8 billion. It had its groundbreaking ceremony in February 2015 and it is to be known as Resorts World Jeju. The first phase of the property will be completed at the beginning of 2017.
Jeju officials believe the Dream Tower project will be given the green light and it will become the second integrated casino resort in the area. If it gets the necessary approvals and the construction does not fall behind the schedule, its completion is anticipated towards the end of 2018.
The new resorts that are to open doors within the next few years are expected to put the smaller casinos in an unfavourable position. Yet, local casino authorities admitted that they would be happy if the number of Jeju Island casinos is reduced, but the quality of the available gambling products and services is second to none.