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Lotte Tour Development Co. is raising 240 billion won (about US$214 million) to complete the construction of its integrated resort on Jeju island in South Korea. Once completed, Jeju Dream Tower is set to be the tallest and largest landmark on Jeju island.
South Korea’s Jeju island, a popular tourism destination for Japanese, continues to attract investment into its casino sector, with travel agency Lotte Tour Development buying the Jeju Lotte casino for 15 billion won (US$13.4 billion).
Turnover at South Korea’s casinos fell 5.9 percent in 2017, after a ban on tour groups by China in March hit visitation.
Shares in South Korea’s casino operators rallied on Tuesday ahead of a summit between US President Donald Trump and North Korea’s Kim Jong-Un on hopes for greater cross border cooperation, including a potential casino project.
Sega Sammy Holdings says the second phase of the Paradise City integrated resort in South Korea will open before the end of March next year.