Sep 28, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  
Paradise SegaSammy Co Ltd, a joint venture between South Korean casino operator Paradise Co Ltd and Japan’s Sega Sammy Holdings Inc, is refinancing an existing KRW100-billion (US$85.4-million) debt, a company spokesperson confirmed on Friday to GGRAsia. The debt maturity was set to expire in December 2020, the person added in an emailed statement.
The debt concerned remains at KRW100 billion, with the maturity extended to September 28, 2022.
Paradise Co, an operator of foreigner-only casinos in South Korea, controls a 55-percent stake in Paradise SegaSammy, the company said in a Friday filing.
The funds from the original debt agreement – announced in 2018, and involving Paradise SegaSammy’s two shareholders – were to be used for the development of the second stage of the Paradise City casino resort (pictured), in South Korea.
Paradise City launched in 2017 with a hotel as well as a foreigner-only casino. The complex has gradually been adding non-gaming facilities since then.
The property is located in Yeongjong Island, home to Incheon International Airport – and part of the Incheon Free Economic Zone.
Paradise City reopened on September 9, a few days after it had closed due to what local media reported was an outbreak of Covid-19 among resort staff, including two casino workers.
Apr 19, 2024
Apr 16, 2024
Apr 19, 2024
Apr 19, 2024
Apr 19, 2024
Hong Kong-listed casino developer Shin Hwa World Ltd, promoter of Jeju Shinhwa World (pictured), a complex with a foreigner-only casino in Jeju, South Korea, has announced a proposal for a capital...(Click here for more)
”Once Solaire North is fully ramped up, and both properties are generating a certain expectation that we have on cash flow… then we will probably launch the Paniman [casino] project”
Enrique Razon
Chairman and chief executive of Bloomberry Resorts