The Drew Las Vegas (Courtesy of JW Marriott)
South Korean institutional investors in the Drew Las Vegas development are preparing to file a lawsuit against two domestic brokerage firms, seeking compensation for the loss of their entire investment of 300 billion won ($265 million) in the long-stalled project.
In 2019, Mirae Asset Securities Co. and NH Investment & Securities Co. underwrote the junior mezzanine tranche of 300 billion won to fund the construction on the Las Vegas Strip, and sold it down to domestic institutional and retail investors.
The institutional investors include pension funds, mutual aid associations, Hyundai Motor Securities Co., Hyundai Motor Group’s foundation, the Korean casino operator Kangwon Land and the country’s major broadcasting companies.
Seoul
Soult-ukpyolsi
South-korea
Nevada
United-states
Kangwon
Kangwon-do
Las-vegas
South-korean
Hyundai-motor-group
Koch-industries
Nh-investment-securities-co