South Korean casino operator Paradise Co Ltd has offered 7.5 million treasury shares to raise KRW285.8 billion (US$281.2 million) in funds for its operations, Reuters reports.
The money may also be partially used to fund a potential acquisition, the company said. Goldman Sachs was the sole book runner of the block sale.
Paradise announced on Monday it was dropping a deal to acquire a controlling stake in hotel company Parnas Hotel Co.
Paradise currently runs five foreigner-only casinos in South Korea, namely in Seoul, Incheon, Busan and two in Jeju.
The company is developing a casino resort 40 kilometres (24.9 miles) west of Seoul. The US$1.7-billion property will include hotels and restaurants, and a foreigner-only casino. The project, to be ready by 2017, is a joint venture with Japan’s Sega Sammy Holdings Inc.
Korean casinos currently only permit foreigners to gamble, except at Kangwon Land, a difficult-to-access location 150 kilometres southeast of Seoul in Kangwon Province.
Mar 22, 2019The number of visitor arrivals to Macau during February rose by 15.5 percent year-on-year according to data released on Friday by the city’s Statistics and Census Service. The visitor tally was...
Mar 22, 2019
Mar 22, 2019
"We’re going to know probably in the next three or four months what the timing is going to be for Osaka"
Chairman and CEO of MGM Resorts International