South Korean casino operator Paradise Corp. said Monday it is withdrawing a deal to acquire a controlling stake in hotel company Parnas Hotel.
"After being selected as a preferred bidder, we conducted an internal review and decided to withdraw from the bid," Paradise said in a regulatory filing cited by Yonhap News.
Paradise was selected as the preferred bidder to acquire a 67.56% stake in Parnas Hotel last month and disposed of by GS Engineering & Construction, one of the country's leading builders.
A final bid for the stake was set for later this month. According to the federation, the deal was estimated to be worth up to 900 billion won ($890.6 million).
Paradise said it will instead focus on developing a new "Paradise City" resort 40 km west of Seoul. The $1.7 billion property will include hotels, restaurants, and foreigner-only casinos. The project, which will be ready by 2017, is a joint venture with Sega Sammy Holdings Inc. of Japan.
Paradise currently operates five foreigner-only casinos in South Korea: Seoul, Incheon, Busan, and Jeju. Paradise said in its first-quarter earnings release that casino declines were up 30.1% year-on-year, largely thanks to contributions from high-end Chinese companies. 동행복권파워볼
Korean casinos currently only allow foreigners to gamble, except for Kangwon Land, a hard-to-reach location 150 kilometers southeast of Seoul in Gangwon Province.
![South Korean casino operator Paradise Corp. said Monday it is withdrawing a deal to acquire a controlling stake in hotel company Parnas Hotel.
"After being selected as a preferred bidder, we conducted an internal review and decided to withdraw from the bid," Paradise said in a regulatory filing cited by Yonhap News.
Paradise was selected as the preferred bidder to acquire a 67.56% stake in Parnas Hotel last month and disposed of by GS Engineering & Construction, one of the country's leading builders.
A final bid for the stake was set for later this month. According to the federation, the deal was estimated to be worth up to 900 billion won ($890.6 million).
Paradise said it will instead focus on developing a new "Paradise City" resort 40 km west of Seoul. The $1.7 billion property will include hotels, restaurants, and foreigner-only casinos. The project, which will be ready by 2017, is a joint venture with Sega Sammy Holdings Inc. of Japan.
Paradise currently operates five foreigner-only casinos in South Korea: Seoul, Incheon, Busan, and Jeju. Paradise said in its first-quarter earnings release that casino declines were up 30.1% year-on-year, largely thanks to contributions from high-end Chinese companies. [url=https://www.homeplate.kr/]동행복권파워볼[/url]
Korean casinos currently only allow foreigners to gamble, except for Kangwon Land, a hard-to-reach location 150 kilometers southeast of Seoul in Gangwon Province.](https://www.geogebra.org/resource/vasyvena/EONgCTi3fHk4S9vW/material-vasyvena.png)