Lotte Tour Development Co Ltd will hold the official opening of its US$1.42 billion Jeju Dream Tower before the end of the year after receiving final approval for use from Jeju Provincial Council.
According to local media reports, Jeju Dream Tower, located in downtown Jeju, South Korea, has now passed all 900 conditions required to begin full operations, including permits related to fire safety, construction, traffic, water and sewage. Lotte Tour had previously targeted an October launch but faced delays in obtaining final approvals.
“With this completion, Dream Tower’s long-standing dream of becoming the No.1 local company in jobs can be realized,” said Lotte Tour Chairman and co-CEO Ki-Byung Kim.
The company will now recall employees from five locations, including Jeju National University, Halla University, and Cheju Tourism University to complete training ahead of an opening within this year. An official opening date has not been announced.
Standing 38 storeys high, Jeju Dream Tower is the tallest building in Jeju with its 1,600 all-suite guest rooms under the Grand Hyatt Jeju brand boasting panoramic views of the ocean, downtown Jeju and Hallasan Mountain.
Employing 3,100 people, it will also offer a retail mall, 14 restaurants and a foreigner-only casino to be relocated from Lotte Hotel Jeju, pending completion of a Casino Impact Study Assessment.
Should the relocation be approved, the new casino would expand the current gaming space by almost five times to more than 5,000 square meters and see Lotte Hotel Jeju’s five gaming tables and 51 machines increased to 150 tables and 300 machines at Jeju Dream Tower.