Aug 30, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  
Lotte Tour Development Co Ltd, backer of the Jeju Dream Tower casino resort (pictured) on South Korea’s Jeju island, has completed a private offering of convertible bonds in South Korea, to a value of KRW16.3 billion (US$12.3 million).
The information was in a Tuesday filing to the Korea Exchange. The firm did not give commentary on the intended use of the funds.
July’s casino sales at Jeju Dream Tower’s gaming facility – a foreigner-only venue – increased by 95.3 percent month-on-month, to nearly KRW20.12 billion, according to an early-August filing. Judged year-on-year, such sales were up 516.8 percent.
In April, Lotte Tour had said it was in talks with some South Korean financial institutions about refinancing a nearly KRW700-billion mortgage loan.
Jeju Dream Tower reported a first-quarter operating loss of circa KRW33.40 billion, and it had negative earnings before interest, taxation, depreciation, and amortisation (EBITDA) amounting to about KRW11.90 billion.
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