Jeju Dream Tower casino license application under evaluation

On the semi-autonomous South Korean island of Jeju and the under-construction Jeju Dream Tower integrated casino resort is reportedly being assessed by regulators over whether its opening could adversely impact the surrounding area.

According to a report from GGRAsia, local casino operator Lotte Tour Development Company Limited began building the soon-to-open Jeju Dream Tower in May of 2016 and it is now seeking permission to bring a casino to the $606.6 million development via a license already held by its nearby Paradise Casino Jeju Lotte.

Exchange appeal:

Seoul-headquartered, Lotte Tour Development Company Limited, reportedly purchased the Paradise Casino Jeju Lotte from fellow South Korean firm, Paradise Company Limited, in 2018 with the intention of swapping this property’s gambling license to a new casino within its coming Jeju Dream Tower.

Evaluation exercise:

In order for this to happen, GGRAsia reported that Jeju’s local Casino Policy Division regulator is being required to assess the local economic impacts of bringing a casino to the 38-story Jeju Dream Tower and how these could potentially impact the island’s housing, property and tourism scenes. Authorities are moreover purportedly set to appraise security, educational, environmental and cultural concerns as well as the possible economic benefits of allowing a casino to open within the giant development, which is to moreover feature a 1,600-room Grand Hyatt-branded hotel alongside a range of other leisure facilities.

‘Deliberation committee’:

The Casino Policy Division is soon due to establish a ‘deliberation committee’ that will examine the Jeju Dream Tower casino proposal before making a final determination under a set of regulations that were modified by local legislators only last month.

Reportedly read a statement from the Casino Policy Division…

“The deliberation committee is also authorized to survey public opinions in order to assess the impact that could be imposed by a casino property on its surrounding neighborhoods. Such opinions weigh on the committee’s assessment of the casino project in question.”

Imposing proposition:

Lotte Tour Development Company Limited earlier detailed that the Jeju Dream Tower is set to be the tallest structure on Jeju at just over 554 feet in height while additionally featuring eleven bars and restaurants as well as a shopping mall and an observation deck. The firm explained that the South Korean property sits less than two miles from Jeju International Airport and is furthermore hoping to entice visitors by premiering a 98,166 sq ft foreigner-only casino offering approximately 420 slots alongside some 190 gaming tables.