Paradise SegaSammy Co Refinance Debt

Paradise SegaSammy Co Ltd, a joint venture between Paradise Co Ltd, a South Korean casino operator, and Sega Sammy Holdings Inc. of Japan, is refinancing an existing debt of KRW100 billion ( US$ 85.4 million), a company spokesperson has confirmed, the debt maturity initially scheduled to expire in December 2020.

The debt in question stands at KRW100 billion, the maturity being extended to 28 September 2022.

The company said in a Friday filing that Paradise Co, an operator of foreign-only casinos in South Korea, owns a 55-percent interest in Paradise SegaSammy.

The funds from the original debt deal, announced in 2018, and involving the two shareholders of Paradise SegaSammy, were to be used in South Korea for the construction of the second stage of the Paradise City casino resort (pictured).

Paradise City was introduced in 2017 with a hotel as well as a casino only for foreigners. Ever since then, the complex has been steadily introducing non-gaming facilities.

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

On September 9, a few days after it had closed because of what local media claimed was an outbreak of Covid-19 among resort employees, including two casino workers, Paradise City reopened.