• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Grand Hyatt brand chosen for new Jeju casino project

Aug 30, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck  


Grand Hyatt brand chosen for new Jeju casino project

The promoter of a new foreigner-only casino project on Jeju Island, South Korea, says it has chosen the Grand Hyatt hospitality brand as its hotel partner.

Lotte Tour Development Co Ltd stated in a Monday press release it had signed that day a hotel services agreement with Hyatt Hotels Corp for the Jeju Dream Tower scheme (pictured in a rendering).

It said Grand Hyatt Jeju would have 1,600 all-suite rooms, 11 restaurants and bars, and “world-class hotel amenities and recreational facilities”.

Hyatt Hotels’ portfolio includes 731 properties in 56 countries, according to the firm’s corporate website. According to Monday’s announcement, Hyatt Hotels operates more than 40 properties in mainland China, including more than 10 Grand Hyatt hotels. Chinese visitors will be a key target segment of customer for the resort, said its promoter.

The new hotel will be Hyatt Hotels’ sixth property in South Korea and is expected to be the second-largest Grand Hyatt hotel in the world, the hospitality firm said in a separate press release.

Jeju Dream Tower would “create over 3,000 jobs including hoteliers and casino dealers, and contribute tens of billions of Korean won to Jeju Tourism Promotion Fund every year,” said Kim Ki-byung, chairman of Lotte Tour Development, as quoted in the press statement.

The firm had earlier said it had raised KRW40 billion (US$35.4 million) toward the scheme by issuing convertible bonds via a third-party placement.

The venture is described as a South Korea-China co-development project in which Lotte Tour Co and China real estate firm Greenland Group are the main partners. China State Construction Engineering Corp is the contractor, supplying what the promoter said was an unconditional completion guarantee with an 18-month line of credit.

Construction started in May 2016 and will be completed in September 2019, according to the backers.

Questions have been raised however by investment analysts regarding the status of future investments by Chinese companies in overseas gaming projects. An announcement reported on August 18 from China’s State Council – the main administrative body of the People’s Republic of China – indicated that the overseas “gambling” sector would be on a “banned” list as far as Chinese investors were concerned.


  • tweet
Related articles
  • Jeju Dream Tower April casino sales up 63pct m-o-m
    Jeju Dream Tower April casino sales up...

    May 18, 2023  

  • Jeju Dream Tower 1Q gaming sales up to US$12mln
    Jeju Dream Tower 1Q gaming sales up to...

    May 15, 2023  

More news
  • IGT flags route to high-performing games for Asia
    IGT flags route to high-performing...

    May 30, 2023  

  • We’ll be in Singapore for many years: LVS chairman
    We’ll be in Singapore for many years:...

    May 30, 2023  


Latest News

IGT flags route to high-performing games for Asia

IGT flags route to high-performing games for Asia

May 30, 2023  

Gaming equipment provider International Game Technology Plc (IGT) says it has been directing a “significant portion” of its research and development effort to a “road map” for...
Read More
We’ll be in Singapore for many years: LVS chairman

We’ll be in Singapore for many years: LVS chairman

May 30, 2023  

G2E Singapore trade show, conference begins today

G2E Singapore trade show, conference begins today

May 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


6,000

Total number of visitors expected at the Global Gaming Expo (G2E) Asia 2023 Special Edition: Singapore, running from May 30 to June 1



Most Popular

  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Ian Coughlan out of Wynn Macau Ltd board, Cameron-Doe inIan Coughlan out of Wynn Macau Ltd board, Cameron-Doe in May 29, 2023
  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Londoner Macao to host Harry Potter exhibition in DecLondoner Macao to host Harry Potter exhibition in Dec May 29, 2023
  • Suntrust agrees to US$6mln loan from chairman Andrew LoSuntrust agrees to US$6mln loan from chairman Andrew Lo May 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us