# Jeju Dream Tower Parents Discuss Loan Refinance

Lotte Tourism Development, the founder of Jeju Dream Tower Casino Resort in Jeju, a Korean resort, said it is in talks with Korea's "4-5" major financial institutions about refinancing nearly 700 billion won ($530.6 million) in mortgage loans.


The goal is to finalize refinancing exercises by the end of October at the most.

"There is uncertainty in corporate performance," Lotte Tourism's Bakery Woori auditor said in a report on the business year of the Korea Exchange-listed group's Dec. 31 settlement. The auditor attributed the current liabilities to exceeding the group's current assets by 966.2 billion won, and Lotte Tourism's annual net loss as of Dec. 31 amounted to 224.7 billion won.

According to the Board of Audit and Inspection, the warning was a combination of maturity dates related to mortgage loans and a "put" option to give investors the right to sell in connection with a US$60 million principal investment in overseas convertible bonds issued by Lotte Tour.

The current mortgage loan is said to be a debt related to the construction cost of Jeju Dream Tower, which opened in December 2020 amid the COVID-19 pandemic.

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