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.
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”We submit that the appropriate action the New South Wales Independent Casino Commission should take is to allow The Star Entertainment Group to continue to operate the licence, under strict supervision”
The Star Entertainment
Australian casino operator