MACAU BUSINESS By Paolo A. Azevedo By Tony Lai fox17/Adobe Stock
Jeju – the new Singapore
Alike the operation of junkets, the authorities are tightening controls over satellite casinos — but little details have so far been provided on how the landscape of this operational mode will exactly be shaped and the potential impact.
Live or die M
acau Business – From Lotte World, a major recreational complex [with the world’s largest indoor theme park, in Seoul] to an integrated resort with casino in Jeju. A different beast. A
A 18 OCTOBER 2017 20 APRIL 2022
s the deliberation of the long-awaited draft bill of amendments to the Macau gaming law is now underway in a subcommittee of the Legislative Assembly, great emphasis has so far been placed on the future of satellite
casinos over proposed changes in the relationship between these third-party casino service providers and gaming operators. The draft bill, unveiled in January, proposes any casino
natural evolution? Lawrence Teo – Business is the same. But building
a landmark. M. B. – The group [Lotte] has created other landmarks in different types of business. Why would this be different? L. T. – Yes, Lotte Group has already created
downtown Seoul and Lotte Super Tower. We’re trying
operating in the city must be established in the assets “owned” by gaming concessionaires. A grace period of three years will be given to gaming concessionaires following the implementation of the revised law to tackle the situation if they have established casinos in the assets owned by other parties. The bill adds the authorities would also recognise the legal status of “management companies” that oversee all or part of a casino of a gaming concessionaire. These provisions are game-changers to the current
“We understand the government hopes to
strengthen supervision for the healthy development of the [gaming] industry but it also has to take into the considerations of the market needs,”
says satellite casino investor Chong Siu Kin
Jeju will be as big as Singapore in terms of Gross Gaming Revenue, predicts Lawrence Teo. The Chief Operations Officer and Vice President of Dream Tower, the tallest Integrated Resort under construction on the Korean destination island, explains to Macau Business why Lotte Tour decided to enter the casino business and create a landmark. All bets are on making the casino resort the crown of the tourism jewel the company has been dominating for four decades
to do the Dream Tower in Jeju. Lotte here is being just a family company; we’re a different company [Lotte Tour]. It’s not going to be [just] the tallest and the largest building in Jeju, that’s just the hardware. We say that a landmark should be the most visited destination, where tourists will go to eat, shop and maybe [visit] our observation deck. A must-visit point destination. Because of the hardware, and also the software.
M. B. – What are the main goals that you definitely
want to achieve with this Integrated Resort (IR)? L. T. – Number one EBIDTA on IR in Korea. There’s
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