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In a recent Korea Exchange announcement, Paradise Co Ltd, a well-known operator of foreigner-only casinos in South Korea, revealed plans to refinance a substantial amount of the debt raised for the development of the Paradise City gaming facility. This strategic decision intends to improve the company’s financial condition and assure the successful completion of phases one and two of the resort near Incheon International Airport, South Korea’s primary aviation hub.
Paradise Co Ltd has begun a refinancing process involving KRW500 billion (US$389.5 million) of the total KRW800 billion loan raised for the Paradise City gambling resort. The refinanced amount’s maturity date will be June 19, 2028, beginning this year. Although the exact interest rate is not disclosed, the refinancing reflects the company’s dedication to secure favorable terms for the project’s financial stability.
Paradise Co Ltd used its just under 49.6 million common shares of Paradise SegaSammy Co Ltd as collateral to support the refinancing. These shares, estimated to be worth KRW636 billion, represent a collaboration between Paradise Co and Japan’s Sega Sammy Holdings Inc, which promotes the Paradise City resort jointly. According to the company’s most recent filing, Paradise Co owns a 55% share in Paradise SegaSammy, with Sega Sammy Holdings holding the remaining balance.
The first phase of the Paradise City gambling resort opened in 2017, with a foreigner-only casino and hotel accommodations. Following that, the resort expanded its offers to include a variety of non-gaming facilities, attracting both domestic and international guests. The resort’s advantageous location near Incheon International Airport positions it as a prime entertainment destination for both visitors and business travelers.
Following a loss of KRW28.58 billion in the previous quarter, Paradise Co Ltd declared a return to profitability in the first three months of this year. This growing trend demonstrates the company’s resilient business plan and adaptability to market situations. In addition to the Paradise City resort, Paradise Co maintains hotels with foreigner-only gaming in attractive areas like as Seoul’s Walkerhill, Jeju Island’s Paradise, and Busan’s port city.