Lotte Tour Development invests US$38.8 million to acquire Paradise Jeju Lotte Casino Korea

Lotte Tour Development Co. has announced on Friday that they intend to enter the gaming business by investing a total of US$38.8 million to acquire Paradise Jeju Lotte Casino.

The casino operates in Hotel Lotte Jeju, which is run by Paradise Group.

In addition, Lotte Tour Development announced it signed a share purchase agreement with Paradise Group to acquire 100 percent of Paradise Jeju Lotte Casino shares for a total KRW15 billion and to redeem the casino’s debt which totals US$33 billion.

In another move into the gaming market, Lotte Tour Development is co-developing Jeju Dream Tower Integrated Resorts with China real estate developer Greenland Group, with a target to open the resort in October 2019.

“When this integrated resort opens next year, 3,100 new jobs with highest average income in Jeju will be created.” Mr. Ki-Byung Kim, the Chairman of Lotte Tour Development, adding that the aim would be to also relocate the Lotte Tour headquarters to Jeju, to become the largest local company contributing the most amount of tax to the island.

Once completed, Jeju Dream Tower Integrated Resort will be the tallest and largest building in Jeju, with a gross floor area of 303,737 square metres.

China State Construction Engineering Corp (CSCEC) is also participating in the construction of the project, while Grand Hyatt will be operating the hotel segment which consists of 1,600 all-suite rooms and 11 restaurants and bars.