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.
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Tax revenue collected by the Macau government from the city’s gaming industry in the first three months of 2021