S. Korean casino operator launches rights offering

Parada, a local casino operatorLess than a week after signing a contract with Iscompani to acquire Paradise Casino Jeju Lotte, Lotte Tourism Development Corporation reportedly declared the start of the exercise of its rights.

According to a report by GGRAcia, Lotte Tourism Development Company hopes to see the plan raise about $212.9 million to help end the construction of the upcoming $666.6 million Jeju Dream Tower integrated casino resort.

The Seoul-based Lotte Tourism Development Corp. will hold a 59 percent stake in the upcoming 38-story property on Jeju Island, and said in an official press release that the rights offer will be completed by the end of October and prioritize existing shareholders before the unsubscribed options come to the public market.

The fund set aside by Lotte Tourism Development Corp. to cover the mid-term payments it plans to make to its partners building the Chinese state-run real estate firm Greenland Group Jeju Dream Tower totaled $133.5 million and will be paid a year and a half before the opening of the integrated casino resort in October 2019.

The 75-acre Jeju Dream Tower will be designated as the Grand Hyatt brand under the name of U.S. hotel operator Hyatt Hotel Corporation, and Lotte Tourism Development explained that unused funds will be set aside to cover interior design and operating costs.

The Lotte Tourism Development Corporation said that the facility, which will start construction on the 1,600-room Jeju Dream Tower in May 2016 and become the tallest structure in Jeju Island, will have 11 bars, restaurants, shopping malls and observatories.

Located within two miles of Jeju International Airport, the development will include an additional 98,166 square foot foreign-only casino that offers about 420 slots with 190 game tables. 바카라

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