Paradise Segasammi Inc., a joint venture between South Korean casino operator Paradise and Japan’s Segasammi Holdings, will allocate a total of 10 million shares to the two shareholders for a total of 10 million won ($93.6 million).
The funds will be used for the second phase of the Paradise City Casino Resort (pictured), which will be opened in phases starting in September this year, Paradise said in a filing with the Korea Exchange on Monday.
The casino operator said it would pay 55 billion won for about 5.5 million new shares of Paradise Segasami. Segasami Holdings will acquire nearly 4.5 million shares, taking into account a total of 45 billion won.
Following the allocation exercise, Paradise will retain a 55% stake in Paradise Sega Sammy, controlling nearly 38.6 million shares, the company said in a filing on Monday. 파워볼사이트
The South Korean company said the second phase and first phase of Paradise City Casino Resort will focus on out-of-game amenities, including more hotel rooms, retail stores, clubs and spas.
The property is located on Yeongjongdo Island, where Incheon International Airport is located, and part of the Incheon Free Economic Zone.
Paradise City opened in 2017. Its casinos are open only to foreigners.