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Lotte Tour Development

From Wikipedia, the free encyclopedia

Lotte Tour Development
Native name
롯데관광개발
Company typePublic company
IndustryTourism
FoundedMay 24, 1971; 52 years ago (1971-05-24)[1]
Headquarters
Seoul
,
South Korea
RevenueIncrease ₩183.67 billion (2022)[2]
(US$141.38 million)
Decrease – ₩224.7 billion (2022)[2]
Number of employees
1,107 (2022)[2]

Lotte Tour Development (Korean: 롯데관광개발) is a South Korean tourism corporation headquartered in Seoul. Lotte Tour serves as a travel agency, travel information provider, and casino proprietor. The company was founded in 1971 and is one of the largest travel businesses in the country. It was a subsidiary of Lotte Corporation until 2005 when it was split off.[3] Lotte Tour owns the Jeju Dream Tower casino in Jeju City, the tallest building on Jeju Island.

History

Lotte Tour Development was founded on May 24, 1971.[1]

In 2005, Lotte Tour divested from its parent company Lotte Corporation to become an individual entity. Despite the split, the smaller Lotte Tour kept its name and branding unchanged. In 2007, when Lotte Corporation partnered with JTB Corporation to form a new tourism division, it demanded that Lotte Tour change its branding, leading to a dispute. Lotte Tour was forced by injunction to change its logo but was allowed to retain its name.[3]

In 2016, Lotte Tour announced that it had selected China State Construction Engineering Corporation to build its 38-story Jeju Dream Tower hotel and casino project on Jeju Island at a projected cost of ₩700 billion (US$605.1 million) with an opening date of March 2019.[4] By the time the project was fully financed, the cost had risen to ₩1.6 trillion (US$1.4 billion).[5] The building was opened to the public on December 18, 2020.[6]

References

  1. ^ a b "032350.KR – Lotte Tour Development Co. Ltd. Company Profile". The Wall Street Journal. Retrieved December 25, 2023.
  2. ^ a b c "Lotte Development Tour Co. Ltd. Financials". Barron's. Retrieved December 25, 2023.
  3. ^ a b Chung, Grace (December 12, 2018). "The Other Lotte: Distinguishing Lotte Tour And The Larger Lotte Group". Forbes. Retrieved December 25, 2023.
  4. ^ Kim, Young-nam (April 5, 2016). "Builder selected for Jeju 'Dream Tower'". Korea JoongAng Daily. Retrieved December 25, 2023.
  5. ^ Penn, Michael (November 27, 2020). "Financing of Jeju Dream Tower completed". Asia Gaming Brief. Retrieved December 25, 2023.
  6. ^ Morrison, K. (December 18, 2020). "Lotte Tour announces official opening of Jeju Dream Tower integrated resort today". World Casino News. Retrieved December 25, 2023.
This page was last edited on 24 March 2024, at 10:15
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