In South Korea, Lotte Tour Development Company Limited signed a deal that will see it pay some $38.82 million to purchase the Paradise Casino Jeju Lotte from local casino operator, Paradise Company Limited.
Deal includes debt provision:
According to a report from Inside Asian Gaming, the agreement will see Seoul-headquartered Lotte Tour Development Company Limited hand over approximately $13.42 million in order to take control of the casino located inside the 500-room Hotel Lotte Jeju with the remaining amount due to be used to cover the property’s debts.
Part of the Jeju Joongmoon Resort Complex on Jeju Island, Paradise Casino Jeju Lotte offers aficionados the chance to enjoy a selection of over 20 slots as well as games of roulette, blackjack and baccarat via a collection of 27 gaming tables. The venue also hosts around 20 special events every year covering baccarat and golf tournaments as well as dinner shows and a seafood festival.
Seller to be left with four venues:
Inside Asian Gaming reported that the deal is due to reduce Paradise Company Limited’s property portfolio to just four venues encompassing the new $1.7 billion Paradise City integrated casino resort on Yeongjong Island alongside smaller gambling facilities in the cities of Seoul, Busan and Jeju City.
Pending opening for Jeju Dream Tower:
For its part, Lotte Tour Development Company Limited is reportedly busy putting the finishing touches on its Jeju Dream Tower integrated casino resort and hopes to open the $606 million development later this year.
Located less than two miles from Jeju International Airport, the facility is to purportedly feature eleven restaurants and bars run by Hyatt Hotels Corporation while its 98,166 sq ft casino is to offer approximately 420 slots alongside 190 gaming tables.