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July 7, 2014

Casino operator Paradise drops bid to buy stake in Parnas Hotel

South Korean casino operator Paradise has decided to drop a deal to acquire a controlling stake in Parnas Hotel.

South Korean casino operator Paradise has decided to drop a deal to acquire a controlling stake in Parnas Hotel.

"We have conducted internal reviews after being picked as the preferred bidder, and we decided to withdraw from the bid," Paradise said in a regulatory filing quoted by Yonhap news agency.

Instead, Paradise now intends to focus on the development of its new "Paradise City" resort, 40km west of Seoul.

Last month, Paradise was selected as the preferred bidder to acquire GS Engineering & Construction’s 67.56% stake in Parnas Hotel.

According to the news agency, the deal was estimated to be worth up to KRW900bn ($890.6m).

The final bid for the stake was scheduled for later this month.

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Paradise’s upcoming property will include hotels and restaurants, and a foreigner-only casino. It is being developed in a joint venture with Japan’s Sega Sammy Holdings and is slated to open by 2017.

Paradise currently runs five foreigner-only casinos in South Korea, in Seoul, Incheon, Busan and Jeju.

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