• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Lotte Tour to acquire Paradise Jeju Lotte Casino

Jul 30, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck  


Lotte Tour to acquire Paradise Jeju Lotte Casino

The promoter of a new, under-construction foreigner-only casino project on Jeju Island, South Korea, says it has reached an agreement to acquire a rival property on Jeju, a destination popular with Chinese tourists.

Lotte Tour Development Co Ltd stated in a Friday press release that it had signed a share purchase agreement with Paradise Co Ltd to acquire the entire capital of Paradise Jeju Lotte Casino (pictured) for KRW15 billion (US$13.5 million). The casino venue is currently operated by Paradise Co and is located in Hotel Lotte Jeju.

In addition, Lotte Tour plans to redeem Paradise Jeju Lotte Casino’s debt worth KRW28.4 billion, the firm said in the release.

“The acquisition of Paradise Jeju Lotte Casino is a result of Lotte Tour’s plans to enter the casino business,” the firm stated. “This purchase is ideal for Lotte Tour to enter into the casino business as it comes with operational know-how from Paradise group, including skilled casino talents such as casino dealers, and its casino operation IT systems.”

Paradise Co is a South Korean operator of foreigner-only casinos. The firm operates a total of five venues in the country, including casino Jeju Grand, also on Jeju Island.

Casino sales at Jeju Grand stood at KRW5.2 billion in the first quarter of 2018, according to data from Paradise Co. That represented a decline of over 50 percent in year-on-year terms, which the firm partially attributed to weak performance in the Chinese VIP segment. The firm did not provide data for the performance of Jeju Lotte.

Korean firm Lotte Tour is involved in the provision of leisure and travel services. The firm is independent from Lotte Group, one of the country’s largest conglomerates.

Lotte Tour is currently co-developing the Jeju Dream Tower scheme in partnership with Chinese state-owned developer Greenland Group. Lotte Tour controls 59 percent of the joint venture.

Construction of Jeju Dream Tower started in May 2016. The tower is poised to become the tallest building in Jeju, with 38 floors. It will include a Grand Hyatt-branded hotel, and offer casino services, according to its promoters.

“Jeju Dream Tower Integrated Resort is currently constructed up to 19th floor. When this integrated resort opens by October of next year, 3,100 new jobs… will be created,” said Kim Ki-Byung, chairman of Lotte Tour, as quoted in the press statement.

The firm had earlier said it had raised KRW40 billion toward the under-construction scheme by issuing convertible bonds via a third-party placement.


  • tweet
Related articles
  • Paradise Co January casino revenue jumps  y-o-y
    Paradise Co January casino revenue...

    Feb 02, 2023  

  • South Korea extends travel restrictions on China arrivals
    South Korea extends travel restrictions...

    Jan 30, 2023  

More news
  • Jaw-dropping wagers in Macau CNY survey: Citigroup
    Jaw-dropping wagers in Macau CNY...

    Feb 02, 2023  

  • Konami gaming segment rev up 49pct in 9 months to Dec
    Konami gaming segment rev up 49pct in 9...

    Feb 02, 2023  


Latest News

Paradise Co January casino revenue jumps  y-o-y

Paradise Co January casino revenue jumps y-o-y

Feb 02, 2023  

Paradise Co Ltd, an operator of foreigner-only casinos in South Korea, reported casino revenue of nearly KRW48.65 billion (US$39.8 million) for January 2023, according to a Thursday filing to the...
Read More
Jaw-dropping wagers in Macau CNY survey: Citigroup

Jaw-dropping wagers in Macau CNY survey: Citigroup

Feb 02, 2023  

Konami gaming segment rev up 49pct in 9 months to Dec

Konami gaming segment rev up 49pct in 9 months to Dec

Feb 02, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$1.43 billion

Macau’s January casino gross gaming revenue



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPMMacau CNY mass GGR maybe 60pct plus of CNY 2019: JPM January 31, 2023
  • January travel lift, CNY sees Macau GGR up 233pct m-o-mJanuary travel lift, CNY sees Macau GGR up 233pct m-o-m February 1, 2023
  • Macau ops track early recovery after Jan GGR: analystsMacau ops track early recovery after Jan GGR: analysts February 1, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us