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Lotte Tour refinances US$539 million in loans as Jeju Dream Tower’s momentum slows in November

Ben Blaschke by Ben Blaschke
Mon 4 Dec 2023 at 04:38
Lotte Tour to open Jeju Dream Tower within 2020 after final approvals received
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South Korean foreigner-only casino operator Lotte Tour Development said Monday it would refinance its KRW700 billion (US$539 million) loan to the tune of KRW710 billion (US$547 million) – the same day that its Jeju casino Jeju Dream Tower reported subdued results for the month of November.

According to the company’s latest financial update, casino revenues in November grew by 446% year-on-year but fell by 9.0% compared with October to KRW18.0 billion (US$13.9 million), while hotel revenue fell by 17.9% year-on-year and 23.6% month-on-month to KRW6.75 billion (US$5.2 million).

In a separate filing, the company said its Board of Directors had approved a refinancing that would taking the total amount in existing borrowings to KRW710 billion, up from the previous KRW700 billion. Lotte Tour explained it was, “Raising funds necessary to increase and refinance (extend maturity) the KRW700 billion loan raised for the development and operation of Jeju Dream Tower Integrated Resort.”

The November casino revenue result took Jeju Dream Tower’s 11-month tally for 2023 so far to KRW38.2 billion (US$29.4 million), up 232% on the same period last year, while hotel revenue us down 22.2% year-on-year to KRW84.9 billion (US$65.4 million).

November table drop of KRW116.9 billion (US$90.0 million) was down 18.5% on October while for the first 11 months of the year it has increased by 163% to KRW1.15 trillion (US$886 million).

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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