Lotte Tour Development: A Pillar of South Korean Tourism and Hospitality
Lotte Tour Development (롯데관광개발) stands as one of the most significant players in the South Korean tourism industry. Headquartered in Seoul, this public company operates across multiple sectors, serving as a comprehensive travel agency, a provider of travel information, and a prominent casino proprietor. With a history spanning over five decades, the corporation has evolved from a subsidiary into an independent powerhouse in the regional travel market.
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Key Facts
- Founded: May 24, 1971
- Headquarters: Seoul, South Korea
- Core Services: Travel agency, travel information, and casino operations
- Major Asset: Jeju Dream Tower, the tallest building on Jeju Island
- Affiliations: MyDaily entertainment news website
Corporate History and Evolution
The journey of Lotte Tour Development began on May 24, 1971. For many years, the company operated as a subsidiary of the massive Lotte Corporation. However, a significant shift occurred in 2005 when the company divested from its parent organization to become an independent entity. While it successfully retained its original name and branding during the split, the company later faced legal challenges regarding its identity.
In 2007, a dispute arose when Lotte Corporation partnered with JTB Corporation to form a new tourism division. This partnership led to a legal injunction requiring Lotte Tour Development to change its corporate logo, though the company was permitted to keep its name.
The Jeju Dream Tower Project
One of the most ambitious chapters in the company's history is the development of the Jeju Dream Tower. In 2016, Lotte Tour announced plans to construct a 38-story hotel and casino complex on Jeju Island. The project was initially estimated to cost ₩700 billion (approximately US$605.1 million), with China State Construction Engineering Corporation selected as the builder.
As the project progressed and financing was secured, the total investment rose significantly to ₩1.6 trillion (US$1.4 billion). The Jeju Dream Tower, which holds the distinction of being the tallest building on Jeju Island, officially opened to the public on December 18, 2020.
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Company Overview and Financials
Lotte Tour Development manages a diverse portfolio that includes high-end hospitality and media. The corporation is also affiliated with MyDaily, a well-known entertainment news website. As of 2022, the company employed 1,107 people and reported a revenue of ₩183.67 billion (US$141.38 million), though it recorded a net income of – ₩224.7 billion for the same period.
| Category | Details |
|---|---|
| Industry | Tourism |
| Revenue | ₩ 183.67 billion (US$141.38 million) |
| Net Income | – ₩224.7 billion |
| Number of Employees | 1,107 |
| Primary Landmark | Jeju Dream Tower |
Frequently Asked Questions
What services does Lotte Tour Development provide?
The company operates as a travel agency, a provider of travel information, and a proprietor of casinos.
Is Lotte Tour Development part of the Lotte Group?
No. While it was a subsidiary of Lotte Corporation, it divested and became an independent entity in 2005.
What is the Jeju Dream Tower?
The Jeju Dream Tower is a 38-story hotel and casino complex located on Jeju Island. It is the tallest building on the island and was completed in 2020.
Does the company have any media affiliations?
Yes, the entertainment news website MyDaily is affiliated with Lotte Tour Development.
How long has the company been in operation?
Lotte Tour Development was founded in May 1971, making it over 50 years old.