South Korean retail giant Lotte Group plans to build a huge casino resort complex at Busan’s North Port in a joint venture with Malaysia’s Genting Group.
Lotte Group affiliates Lotte Asset Development, Lotte Hotels & Resorts, and Lotte Engineering & Construction submitted detailed plans for the resort development to the Korean Ministry of Culture, Sports, and Tourism which will is likely to cost about one trillion Won to construct.
The proposal details plans for water sports facilities, hotels, duty-free shops, other retail venues and casinos for international visitors.
"The Busan Port Authority has completed the engineering works on the port with four large cruise ship berths. 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," a ministry official said.
Lotte will leverage the casino management expertise of Genting, one of the world’s largest operators in the industry.
Genting operates hotels and casinos in Malaysia, the Philippines, Singapore, UK, the Bahamas, and the US, and has more than $30 billion in assets.
Genting also opened the Genting Jeju casino at the Hyatt Regency hotel on Jeju Island earlier this year.
