South Korea’s largest foreigner-only casino operator, Paradise Co, is one of seven business groups newly added to a list of conglomerates subject to tighter supervision, the nation’s antitrust regulator has announced.
As per a report by local media outlet Yonhap News Agency, Paradise was one of three companies operating within the entertainment industries to be added to the list, alongside talent agency and record label Hybe Corporation plus hotels and travel group Sono International Co.
Under South Korea law, conglomerates with assets of at least KRW5 trillion (US$3.69 billion) or larger are designated as “large corporations” and required to publicly file details on inter-affiliate transactions, their ownership structure and key information on nonaffiliates, Yonhap said.
The new additions take the number of conglomerates on the watchlist to 88, with a combined 3,318 affiliates operating under them, the Fair Trade Commission revealed.
“The increase in the number of companies on this year’s watchlist came as entertainment, leisure and tourism industries, among others, have grown markedly thanks to the rising popularity of Korean culture and recovering consumer sentiment after the COVID-19 pandemic,” the regulator said.
Paradise recently reported a 9.5% year-on-year increase in sales to KRW264.8 billion (US$193 million) in 1Q24.
