The establishment of a casino for foreign visitors in the Dream Tower Complex Resort based in Jeju was given approval. The project is being developed by Lotte Tour Development.
As revealed by the company itself, the Jeju Casino Industry Impact Assessment Review Committee reviewed the application of Lotte Tour Development for the casino venue relocation and found it to be suitable. The construction company expressed its gratitude for the decision of the committee saying it was the right thing to do and further noted that the reviewers of the application seemed to have made some wise decisions for the future of Jeju Island.
The impact assessment on the casino sector was held in correspondence with the ordinance of Jeju Island that requires deliberation in case the location of the casino is more than doubled.
A document on the casino industry’s impact evaluation was submitted by Lotte Tour Development to the Jeju provincial government on July 28th, with the construction company asking for permission to expand and relocate the casino venue operating at the Lotte Hotel in Seogwipo-based Jungmun Tourist Complex. Their plans involved the relocation of the casino facility to the Dream Tower Complex.
Potential Economic Impact of the Jeju Dream Tower Assessed as Positive
Now, an official of Lotte Tour Development confirmed that the members of the review committee have positively assessed the economic impact that the complex resort of Jeju Dream Tower would have on the area, including job creation and attracting foreign visitors, especially at a time when the local economy was experiencing some difficulties.
The casino construction company has offered to hire 3,100 people through the Dream Tower project. Lotte Tour Development also proposed to pay KRW53.7 billion to the government of Jeju Island on an annual basis for the next five years as a tourism promotion fund. Apart from that, the company said that it would make a separate contribution of KRW12 billion for regional development projects.
The positive assessment that the company got so far, however, is not enough to see the relocation of the casino finalized. The proposal must still face a hearing at the local legislature and only after that hearing, the Governor of Jeju Island would make a decision on the final authorization of the process.
As part of the approval process, Lotte Tour Development is to receive permission to finalize the construction of Dream Tower as early as August. Then, the company will have to submit an application seeking permission to relocate the casino venue as soon as the rating of the hotel is determined. The results and the application for relocation of the venue that is expected to be submitted by Lotte Tourism Development would be fully reviewed by the government of the Jeju Province in order for the competent authorities to make a decision whether to grant their final approval.
The process of authorization might affect the opening schedule of the project. The construction of the Jeju Dream Tower was given a start in May 2016 to become the tallest building in Jeju with its 38 floors.