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Wednesday, December 6, 2023

Korean-owned business acquires casino in Los Angeles for $13 million

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According to the Korean real estate industry on the 20th, Park West Casino (CEO John Park), a Korean-owned casino business company, acquired the Bicycle Casino that was built 40 years ago for about $13 million.

According to Property Records, the transaction took place on April 13 last year, with the exact sale price of the Bicyclic Casino reaching $125.81,500.

An industry official said, “This is the first time that a Korean has acquired a casino in LA.”

Park West Casino CEO John Park changed the casino’s name to “Park West Bicycle Casino” after acquiring the Bicycle Hotel and Casino in Bell Garden City.

The Real Deal, a real estate media outlet, said Park West Casino received a total of $210 million in loans from Comerica Bank and will use the funds for redevelopment such as renovation in the future.

Regarding the Park West Bicycle Casino, which was built in 1984, The Real Deal explained that the 100,000-square-foot poker room has 185 poker tables, and the hotel has more than 99 rooms.


BY YANG JAEYOUNG [yang.jaeyoung@koreadaily.com]