The travel company will move its headquarters from Seoul to Jeju Dream Tower once the development opens.
South Korea.- Travel company Lotte Tour Development has announced it will move its headquarters from Seoul to the new Jeju Dream Tower, which is expected to open soon.
According to the company, shareholders have given their consent to the move.
Chairman Kim Ki-Byeong said in a statement: “Through the Jeju Dream Tower Complex Resort, which has been created to become a key tourist attraction in Jeju, we will raise our status as a power in the tourism industry and become the No. 1 local company, fulfilling our promise to become the No. 1 employer for high-end jobs and the No. 1 local source tax revenues.”
According to the Jeju Executives’ Association, Lotte Tour is investing 1 trillion won (US$950 million), “the largest ever investment in Jeju island made with entirely domestic capital”.
In a statement, the new resort welcomed the company and said: “We hope this investment will serve as the foundation for the growth of the Jeju economy.”
Jeju Tower executives added: “The decision to hire 80 per cent of the 3,100 new employees from among Jeju residents will be an opportunity, not only for the young people of Jeju, but also for women who have had career interruptions and for the middle-aged.”
The Jeju Dream Tower Complex Resort rises to a height of 169 meters. The total floor area is over 303 million square meters. Within the complex, the Hyatt Group will operate the Grand Hyatt Jeju with 1,600 guest rooms and fourteen restaurants. The total project cost is estimated at about 1.6 trillion won (US$1.4 billion).
The Dream Tower casino is expected to open with about 140 gaming tables, 190 slot machines, and 70 electronic gaming machines.