Lotte Group will try to build a large-scale casino resort in Busan's North Port in partnership with Malaysia's Genting Group.
According to industry sources on July 1, the Lotte consortium consisting of Lotte Asset Development, Lotte Hotels & Resorts, and Lotte Engineering & Construction has submitted a request for concepts to the Ministry of Culture, Sports, and Tourism as part of a bid to participate in the ministry-led resort complex development project.
The location of the casino resort the Lotte consortium proposed is in the redevelopment area in the North Port in Busan. Even though details of the project have not been determined, it is likely the total investment sum will surpass 1 trillion won. The resort will encompass water leisure facilities, hotels, duty-free shops, and other shopping venues as well as foreigners-only casinos.
The North Port is considered an ideal location to host leisure and entertainment facilities. An industry official commented, "The Busan Port Authority has completed the engineering works on the port with four large cruise ship berths in efforts to make the port one of the most beautiful ports in the world." "As Lotte Group's base is Busan, it seems the group picked the North Port for its casino complex project's location in consideration of regional development," he added.
Genting Group, Lotte's partner, is a major casino operator in the world. Established in 1965 by a wealthy Malaysian Chinese businessman, the company runs casinos and resorts in countries like Malaysia, the Philippines, Singapore, Britain, the Bahamas, and the United States whose assets are worth more than US$30 billion. In Korea, it has operated the Genting Jeju casino within the Hyatt Regency Jeju since January this year.