Lotte Tour Development (

Korean Korean may refer to: People and culture * Koreans, people from the Korean peninsula or of Korean descent * Korean culture * Korean language **Korean alphabet, known as Hangul or Korean **Korean dialects **See also: North–South differences in t ...

: 롯데관광개발) is a South Korean tourism corporation headquartered in

Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...

. Lotte Tour serves as a

travel agency A travel agency is a private retailer or public service that provides travel and tourism-related services to the general public on behalf of accommodation or travel suppliers to offer different kinds of travelling packages for each destina ...

, travel information provider, and

casino A casino is a facility for gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shops, cruise ships, and other tourist attractions. Some casinos also host live entertainment, such as stand-up comedy, conce ...

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 Lotte Corporation is a South Korean Multinational corporation, multinational Conglomerate (company), conglomerate corporation, and the fifth-largest chaebol in South Korea. Lotte was founded on 28 June 1948 by Korean businessman Shin Kyuk- ...

until 2005 when it was split off. Lotte Tour owns the Jeju Dream Tower casino in

Jeju City Jeju City (; ) is the capital of the Jeju Province in South Korea and the largest city on Jeju Island. The city is served by Jeju International Airport (IATA code CJU). Located on an island off the Korean Peninsula, Jeju has mild, warm weather ...

, the tallest building on

Jeju Island Jeju Island (Jeju language, Jeju/) is South Korea's largest island, covering an area of , which is 1.83% of the total area of the country. Alongside outlying islands, it is part of Jeju Province and makes up the majority of the province. The i ...

History

Lotte Tour Development was founded on May 24, 1971. In 2005, Lotte Tour divested from its parent company

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 (aka JTB), is the largest travel agency in Japan and one of the largest travel agencies in the world. It specializes in tourism. There are branches all over the world to help Japanese and non-Japanese guests in both private leisure and corpor ...

to form a new tourism division, it demanded that Lotte Tour change its branding, leading to a dispute. Lotte Tour was forced by

injunction An injunction is an equitable remedy in the form of a special court order compelling a party to do or refrain from doing certain acts. It was developed by the English courts of equity but its origins go back to Roman law and the equitable rem ...

to change its logo but was allowed to retain its name. In 2016, Lotte Tour announced that it had selected

China State Construction Engineering Corporation The China State Construction Engineering Corporation (CSCEC; ) is a Chinese state-owned construction company headquartered in Beijing. It is the largest construction company in the world by revenue and the 8th largest general contractor in terms ...

to build its 38-story Jeju Dream Tower hotel and casino project on

at a projected cost of () with an opening date of March 2019. By the time the project was fully financed, the cost had risen to (). The building was opened to the public on December 18, 2020.

References

{{reflist 1971 establishments in South Korea Companies based in Seoul Travel and holiday companies of South Korea