Paradise Co Ltd., a South Korean casino operator, has a recent KRW100-billion bond offering. Its made to support its liquidity during the COVID-19 pandemic. The firm has decided to issue corporate bonds this time to secure liquidity in preparation for the continued coronavirus situation.
The company will also work to minimize adverse financial reports on its business. It is through engaging in steps such as cost reduction and restructuring. There are no further details given regarding the move.
KRW100 Billion Bond
Out of the KRW100 billion bond, KRW70-billion will be taken up by the state-owned Korea Development Bank under the offering. It represents the largest Korean-won denomination ever for a bond transaction, according to a casino forum. And in which is by a special-purpose operation by that lending institution.
The other subscribers to Paradise Co’s offer were SK Securities Co Ltd., with KRW20-billion in the bonds. Besides Mirae Asset Daewoo Co Ltd with KRW10-billion worth. Paradise Co’s accumulated casino revenue for the calendar year to September 30 was just above KRW261.03 billion, which was 54.0 percent down from the prior-year period.
One of the gaming venues it runs is at the tourist resort of Paradise City, at Incheon, near South Korea’s main airport. Paradise City, a venture with Japan’s Sega Sammy Holdings Inc., had to close several times due to the COVID-19 alert. It includes for instances of infection among staff, most recently reopened on September 9.
Paradise Co also has foreigner-only casino operations in Walkerhill in Seoul. Also, in other locations such as the Jeju Grand, Jeju Island, and Busan Casino in Busan’s southern port.
South Korea COVID-19 Cases Update
South Korea’s Ministry of Health and Welfare said that as of 12mn on Friday, the country had a daily increase of 47 COVID-19 cases. It is taking the tally to 25 035. There were also two more deaths in that 24-hour, with 441 since the beginning of the crisis.