Meaning of "Painting the old world red" in Canterville Ghost

I was reading Wilde's written The Canterville Ghost, when I came across this idiom. This is a little excerpt from the text:

"My Lord," answered the Minister, "I will take the furniture and the ghost at a valuation. I have come from a modern country, where we have everything that money can buy; and with all our spry young fellows painting the Old World red, and carrying off your best actors and prima-donnas, I reckon that if there were such a thing as a ghost in Europe, we'd have it at home in a very short time in one of our public museums, or on the road as a show."

Any guess on what could be the possible meaning of the idiom painting the old world red?

Thanks in advance!

Solution 1:

The American expression "to paint the town red" is a somewhat different expression from that used by Oscar Wilde as far as its origins go. They means about the same thing except that as acknowledged by Oscar Wilde in the "Old World's form", which is probably his own variant of the truly original expression, the original expression might carry some heavier connotations, such as associated with debauchery, not just partying.

According to Wilde the origin is of this expression is Dante's The Inferno (guardian).

• we are they who painted the world scarlet with sins. (Dante)