The company is targeting a 2028 opening for the new hotel.<\/p>\n\n\n\n\n\n\n\n
South Korea.-\u00a0Paradise Co\u00a0<\/strong>has\u00a0announced that it has secured a loan of KRW550bn (US$379m) from Woori Bank<\/strong> to fund the construction of a new hotel in Seoul<\/a>\u00a0The 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.<\/p>\n\n\n\n The planned 18-floor hotel will cover 13,950 square metres and will have approximately\u00a0200 suites and five basement levels offering services for foreign VIPs as part of a strategy to attract more international high-rollers<\/strong>. The company expects the development to cost KRW575bn (US$395m)<\/strong> and is targeting a 2028 opening.<\/p>\n\n\n\n When the company revealed the project last July,\u00a0Choi Jong-hwan<\/strong>, Paradise Co\u2019s chief executive, said the objective was to create a hotel that would establish a new standard in the hospitality sector.\u00a0\u00a0<\/p>\n\n\n\n Paradise Co <\/strong>has reported casino revenue of KRW70.21bn (US$48.63m) for February. That\u2019s a decrease of 11.5 per cent in year-on-year terms and a decline of 2.3 per cent sequentially<\/a>.<\/p>\n\n\n\n Table-game sales<\/strong> were KRW65.95bn (US$49.7m), down 11.86 per cent year-on-year and 1.7 per cent sequentially. Machine game sales <\/strong>were KRW4.2bn (US$2.9m), down 7.08 per cent year-on-year and 8.5 compared to January\u2019s 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. <\/p>\n\n\n\nParadise Co posts dip in casino revenue for February<\/h2>\n\n\n\n