• 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
  • Mohegan Inspire 97pct completed, on target for 4Q launch
    Mohegan Inspire 97pct completed, on...

    Sep 22, 2023  

  • Chen Si promoted to Mohegan Inspire president, Howk COO
    Chen Si promoted to Mohegan Inspire...

    Sep 12, 2023  

More news
  • Any Macau clamp on money changing may hurt GGR: pundits
    Any Macau clamp on money changing may...

    Sep 25, 2023  

  • 26 Capital to delist, liquidate as Okada Manila merger fails
    26 Capital to delist, liquidate as...

    Sep 25, 2023  


Latest News

Any Macau clamp on money changing may hurt GGR: pundits

Any Macau clamp on money changing may hurt GGR: pundits

Sep 25, 2023  

Criminalisation of unlicensed money exchange in Macau is a complex topic and would need careful handling to respect the Chinese authorities’ wish to control cross-border currency flow, while...
Read More
26 Capital to delist, liquidate as Okada Manila merger fails

26 Capital to delist, liquidate as Okada Manila merger

Sep 25, 2023  

Japan govt nods MGM-Orix, Osaka govt deal for IR scheme

Japan govt nods MGM-Orix, Osaka govt deal for IR scheme

Sep 25, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"We [estimate] that these illegal [currency exchange] transactions account for somewhere between 50 percent to 60 percent [of Macau's annual gross gaming revenue]”

Ben Lee

Managing partner at IGamiX Management and Consulting



Most Popular

  • Any Macau clamp on money changing may hurt GGR: punditsAny Macau clamp on money changing may hurt GGR: pundits September 25, 2023
  • Strong Macau hotel bookings for autumn Golden WeekStrong Macau hotel bookings for autumn Golden Week September 22, 2023
  • Big players, tourists due for Golden Week say Macau expertsBig players, tourists due for Golden Week say Macau experts September 22, 2023
  • Londoner Macao’s Harry Potter exhibition to open Dec 15Londoner Macao’s Harry Potter exhibition to… September 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us