Lotte Tour Refins US$540 Million Loan to Dream Tower

Lotte Tourism Development Co., which runs the Jeju Dream Tower resort, which has a foreigner-only casino on the island, said Friday it has refinanced about 700 billion won in loans.

According to a document submitted to the Korea Exchange on the same day, the event is “an extension of the maturity of funds raised for the development and operation of Jeju Dream Tower Casino Resort.”

A Lotte Tourism Development official told GGRA by phone that the extension was made for one year until November 2024. The documents said that the refinancing increased short-term borrowing by 10 billion won to 710 billion won.

The loan term of KRW 700 billion raised in November 2020 is three years, and the maturity is November 30, 2023.

In April, the company said it was in talks with four to five major South Korean financial institutions to refinance its loans.

Lotte Tour said in another Friday filing that casino sales in November were 18.01 billion won, down 9.0 percent from October, but up 445.7 percent year-on-year. Table game sales fell 12.8 percent sequentially to 16.15 billion won, while machine game sales were 1.86 billion won, up 45.3 percent from October.

The decrease in casino tables in November was 116.9 billion won, down 18.5% from the previous month.

Overall casino table reductions in the first 11 months of 2023 were just under W1.15 trillion, up 162.8% year-over-year.

바둑이게임