Lotte Tour raises US$12.3m in convertible bonds

The company has completed a private offering of convertible bonds in South Korea.

South Korea.- Lotte Tour Development, the operator of the Jeju Dream Tower resort and foreigner-only casino on Jeju Island, has announced that it has concluded a private issuance of convertible bonds valued at KRW16.3bn (US$12.3m) in South Korea. 

Although the use of the funds was not provided by the company, in April it announced it was in talks with major financial institutions to refinance a nearly KRW700bn (US$530.6m) mortgage. 

Jeju Dream Tower saw a rise in casino sales in July of 95.3 per cent month-on-month to KRW20.12bn (US$15.5m). The figure was up 516.8 per cent when compared to last year and marks the highest monthly casino sales since the venue opened in June 2021. 

For full-year 2022, Lotte Tour Development reported net casino sales of almost KRW43.68bn (US$33.4m), a 107.7 per cent increase from KRW21.03bn in 2021.