SEOUL, Jul. 2 (Korea Bizwire) — Lotte Group will develop a large resort complex at the North Port of Busan, said a high-ranking representative of the group on July 1.
The company has filed a proposal for the development project with the Ministry of Culture, Sports and Tourism, which has received 34 proposals, including Lotte’s, concerning resort complex development plans.
The ministry will select two proposals to be realized.
It has been reported that Lotte Group established a consortium comprising of Lotte Asset Development, Lotte Hotel and Lotte Engineering & Construction, which will work with Malaysia-based casino company Genting Group, as the ministry will authorize foreigner-only casino plans for the two selected proposals.
Lotte Group is planning to develop hotels, tax-free stores and water-sports facilities at the complex.
Among the companies that filed proposals with the ministry are the Korea Water Resources Corporation, Grand Korea Leisure, Hong Kong based Imperia Pacific International Holdings, China based Global Game Asset Management and America’s Mohegan Sun.
The ministry is currently studying the proposals and will announce the results in August.
By John Choi (firstname.lastname@example.org)