The company is targeting a 2028 opening for the new hotel.
South Korea.- Paradise Co has announced that it has secured a loan of KRW550bn (US$379m) from Woori Bank to fund the construction of a new hotel in Seoul The five-year facility loan will have a lump-sum repayment due at maturity. It carries an interest rate of the 91-day Certificate of Deposit (CD) rate plus 0.97 per cent, resulting in a rate of 3.81 per cent based on the March 11 CD rate.
The planned 18-floor hotel will cover 13,950 square metres and will have approximately 200 suites and five basement levels offering services for foreign VIPs as part of a strategy to attract more international high-rollers. The company expects the development to cost KRW575bn (US$395m) and is targeting a 2028 opening.
When the company revealed the project last July, Choi Jong-hwan, Paradise Co’s chief executive, said the objective was to create a hotel that would establish a new standard in the hospitality sector.
Paradise Co posts dip in casino revenue for February
Paradise Co has reported casino revenue of KRW70.21bn (US$48.63m) for February. That’s a decrease of 11.5 per cent in year-on-year terms and a decline of 2.3 per cent sequentially.
Table-game sales were KRW65.95bn (US$49.7m), down 11.86 per cent year-on-year and 1.7 per cent sequentially. Machine game sales were KRW4.2bn (US$2.9m), down 7.08 per cent year-on-year and 8.5 compared to January’s results. The table drop was KRW525.7bn (US$364m), up 9.3 per cent when compared to the previous month and up 7 per cent in year-on-year terms.
For full-year 2024, the casino operator posted casino revenue of KRW818.7bn (US$558.5m), up 10.2 per cent from KRW742.9bn (US$506.7m) in 2023. Table game revenue was KRW766.7bn (US$523.2m), up 10.2 per cent in year-on-year terms. Machine game revenue was up 9.7 per cent to KRW52bn (US$35.5m). The table drop for full-year 2024 was KRW6.87tn (US$4.66bn), a rise of 11.3 per cent.
The company is targeting a 2028 opening for the new hotel. South Korea.- Paradise Co has announced that it has secured a loan of KRW550bn (US$379m) from Woori Bank to fund the construction…
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