{"id":777004450,"date":"2023-04-19T14:02:37","date_gmt":"2023-04-19T17:02:37","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777004450"},"modified":"2026-04-22T22:43:53","modified_gmt":"2026-04-23T01:43:53","slug":"jeju-dream-tower-casino-resort-negotiating-us530-6m-refinancing-deal","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/jeju-dream-tower-casino-resort-negotiating-us530-6m-refinancing-deal","title":{"rendered":"Jeju Dream Tower casino resort negotiating US$530.6M refinancing deal"},"content":{"rendered":"\n

Lotte Tour is in talks with several financial institutions to refinance a mortgage for Jeju Dream Tower casino resort.<\/p>\n\n\n\n\n\n\n\n

South Korea.- Lotte Tour Development<\/strong>, the operator of the Jeju Dream Tower resort and foreigner-only casino on Jeju Island, has announced that it is in talks with major financial institutions to refinance a nearly KRW700bn (US$530.6m) mortgage. It hopes to conclude the refinancing exercise by late October.<\/p>\n\n\n\n

The mortgage relates to construction costs for Jeju Dream Tower, which opened in December 2020 during the Covid-19 pandemic. Baker Tilly Woori<\/strong>, the auditor of Lotte Tour, noted in the group’s report for the financial year ending December 31 that “uncertainty exists in corporate viability” due to liabilities exceeding assets by KRW966.2bn.<\/p>\n\n\n\n

According to the auditor, the warning was triggered by an overlap between the maturity date relating to the mortgage loan and the ‘put’ option for investors. The option, active from September 20, 2021, to September 20, 2025, gives them the right to sell their investment in foreign convertible bonds.<\/p>\n\n\n\n

In March, the company reported net casino sales<\/a> of almost KRW43.68bn (US$33.4m) for the full-year 2022. The casino segment generated an operating loss of KRW16.45bn, which widened from KRW10.24bn in the previous year. <\/p>\n","protected":false},"excerpt":{"rendered":"

Lotte Tour is in talks with several financial institutions to refinance a mortgage for Jeju Dream Tower casino resort.<\/p>\n","protected":false},"author":176,"featured_media":16903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Lotte Tour Development is actively negotiating with financial institutions to refinance a significant KRW700bn mortgage for its Jeju Dream Tower casino resort, aiming for completion by late October. This refinancing is critical as the company faces an auditor's warning regarding its corporate viability due to substantial liabilities and an impending overlap between the mortgage maturity and a 'put' option for foreign convertible bond investors. The financial health of the foreigner-only casino operation remains challenged, evidenced by widening operating losses in 2022.","focusai_entities":"Lotte Tour Development, Baker Tilly Woori","focusai_location":"South Korea, Jeju Island","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Refinancing Terms","query":"What are the anticipated interest rate structures, amortization schedules, and collateral requirements for the proposed KRW700bn mortgage refinancing, and how do these terms compare to prevailing capital market conditions for distressed assets?"},{"label":"Investor Put Option","query":"How does Lotte Tour Development plan to manage the potential exercise of the foreign convertible bond 'put' option, particularly if the refinancing is delayed or if the market perception of corporate viability does not improve?"}],"footnotes":""},"categories":[157,16333],"tags":[23765],"class_list":["post-777004450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-jeju-dream-tower"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777004450"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004450\/revisions"}],"predecessor-version":[{"id":777004476,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777004450\/revisions\/777004476"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16903"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777004450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777004450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777004450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}