MACAU BUSINESS By Tony Lai
By Paolo A. Azevedo Photos by Cheong Jam Ka
Jeju – the new Singapore
Back from the brink? M 18 OCTOBER 2017 A 20 OCTOBER 2023
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
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
fter three years of stagnation owing to the COVID-19 pandemic, Macau is witnessing a revival of crowds at its various tourist attractions as
Mainland Chinese tourists are once again flocking to shops, restaurants, and hotels throughout the city. Taking a stroll through the casino floor of any Cotai resort, especially on weekends, one would also come across hordes of gamblers surrounding baccarat tables or trying their luck in front of slot machines, a scene that brings to mind the days before the havoc caused by Covid. One notable absence catches the eye, though: the lack
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
The blooming tourist arrivals in Macau again has provided a sense of relief for Macau casino junkets. Despite the presence of various challenges such as heightened supervision, local industry representatives believe more junkets will become active again and recover from the brink of extinction, driven by the overall revival of the gaming industry.
of logos bearing different names than those of the casino halls, which used to indicate exclusive private spaces on the gaming floor and now remind us that the heyday of the industry may not return—the near extinction of casino junkets. But representatives of these intermediaries, who
recruit high-rollers for casinos, remain hopeful about their future in Macau, despite hurdles such as Beijing’s crackdown on corruption and cross-border gambling activities, the tightening regulatory framework, and Macau’s commitment to rely less on gaming.
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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