MACAU BUSINESS By Paolo A. Azevedo By José Carlos Matias Exclusive Macau Business /Macau News Agency
Jeju – the new Singapore
Tall order
Gaming tender programme requires bidders to submit extensive non-gaming plans
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
BM 18 OCTOBER 2017 22 SEPTEMBER 2022
idding companies joining the new public tender to award the gaming concessions will need to submit detailed and extensive plans on a variety of non-gaming projects and activities ranging from MICE, entertainment, sports events, arts and
culture, health and wellbeing, gastronomy and community tourism among others, the tender programme seen by Macau News Agency indicates. In addition to the casino operation plans, the programme
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
made available to interested parties by the commission in charge of the gaming tender process requires bidders to submit thorough non-gaming plans which will need to include “the nature, content, amount, location and space, initial and annual investment and implementation plans, estimated economic benefit (especially the proportion of revenue from non-gaming projects in relation to the general income), and the estimate of the extension of the stay in Macau of tourists, regarding the investments of each item, explaining them in a quantifiable way for each year”.
Tapping into foreign markets
The first investment item regards the place of origin of international visitors, a requirement in line with what is spelled out as the second out of seven criteria listed in the executive order launching the public tender published on July 28 by the Chief Executive in the Official Gazette.
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
Bidders will need to specify their plans in terms of
organization of promotional and marketing activities with the aim of raising awareness of international costumers on Macau, “increase international visitors’ willingness to visit Macau and optimize their experience of services provided in Macau, consolidate existing markets and explore new markets abroad” with the aim of “significantly increasing the proportion of international visitors”. As expected, MICE (conventions and exhibitions) is also
downtown Seoul and Lotte Super Tower. We’re trying
featured in the non-gaming investment items chapter. Bidders are required to optimize and improve the scale and quality of MICE infrastructures and to enhance their planning, organization and marketing activities to attract more multinational companies to hold their events in Macau on the regular basis. Gaming concession bidders will need to indicate their plans to interact and cooperate with the Greater Bay Area cities in developing the SAR’s MICE industry.
Focus on entertainment, arts and culture
World-class films and TV shows should also be held as concessionaires should bring to Macau internationally-renowned artists and music performers. Bidders are also expected to submit plans to hold film festivals, cultural shows, parades and carnivals, while enhancing their ties with local small and medium-sized enterprises (SMEs).
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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