GGRAsia – Shareholders up investment in S.Korea’s Paradise City

Shareholders up investment in S.Korea’s Paradise City

Jun 05, 2018 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 to allot a total of 10 million shares to its two shareholders, for an aggregate amount of KRW100 billion (US$93.6 million).

The funds will be used for the development of the second stage of the Paradise City casino resort (pictured), in South Korea, with a phase-opening starting in September this year, said Paradise Co in a Monday filing to the Korea Exchange.

The casino operator stated it would pay KRW55 billion for approximately 5.5 million new shares in Paradise SegaSammy. Sega Sammy Holdings will acquire nearly 4.5 million shares, for a total consideration of KRW45 billion.

Following the allotment exercise, Paradise Co will maintain its 55-percent stake in Paradise SegaSammy, controlling nearly 38.6 million shares, it said in Monday’s filing.

The South Korean company said the first phase of the second stage of Paradise City casino resort will focus on non-gaming amenities, including more hotel rooms, retail shops, a club and spa.

The property is located in Yeongjong Island, home to Incheon International Airport – and part of the Incheon Free Economic Zone.

Paradise City was launched in 2017. Its casino is only open to foreigners.