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.
Dec 13, 2018Perception of quality of life among a sample of Macau’s casino dealers and staff employed in casino cage operations is that they have a worse time than people in other casino jobs, according to a...
Dec 13, 2018
Dec 13, 2018
"The MSAR [Macau Special Administrative Region] Government is always maintaining its policy not to have imported labour to work as dealers. This position has not changed"
Lionel Leong Vai Tac
Macau’s Secretary for Economy and Finance