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.
Feb 29, 2024Macau casino operator Galaxy Entertainment Group Ltd is considering “major upgrades” at the firm’s StarWorld Hotel property (pictured) on the city’s peninsula, the first of the company’s...
”We continue to drive every segment of the business with a particular focus on the mass business and continue to allocate resources to their most efficient use”
Lui Che Woo
Chairman of Macau casino operator Galaxy Entertainment Group