Lotte Tour US$12mln private offering of convertible bonds
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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