Korea’s leading integrated resort operator, Paradise Group, is considering extending its partnership with Japan’s Sega Sammy to a joint bid for a Japanese IR license.
The two companies are current joint venture partners in Korea’s first integrated resort, Paradise City in Incheon, of which Paradise holds a 55% stake and Sega Sammy 45%.
While Sega Sammy has stated its desire to open an IR on home soil following passage of the IR Implementation Bill last July, Paradise Group has until now remained silent on the issue.
However, in an exclusive interview with Inside Asian Gaming set to appear in the upcoming February 2019 edition of IAG, Paradise President and CEO Park Pyung-yong said pursuing a Japanese IR was a distinct possibility. Asked if the group was considering a cooperation with Sega Sammy in Japan, Park replied, “Yes. It’s not a commitment, but it’s some of kind of sentiment. But it’s not confirmed.”
One reason for Paradise to pursue a Japanese IR may be to somewhat negate the potential impact Japan could have on Korea’s casinos once open, given the large amount of players flowing their way from Japan.
Park, though, said he doesn’t expect to lose significant business once Japan’s casino industry launches – particularly as it relates to the VIP segment.
“Some people think Japanese high rollers may not come to Korea, but Japanese high rollers may be very cautious about their playing,” he said. “I think Japanese high rollers won’t go to their local casino. Our VIP clients in Japan will still come to Korea.”
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