Korea’s leading foreigner-only casino operator, Paradise Co, will pay KRW210 billion (US$151 million) to acquire the Grand Hyatt Incheon West Tower from KAL Hotel Network.
Located just a few minutes by foot from the company’s Paradise City integrated resort, the acquisition will effectively allow Paradise Co to expand its room inventory at Paradise City from 769 currently to 1,270 via the addition of 501 hotel rooms.
In a filing, Paradise said, “As an integrated resort operator, we are strengthening our competitive edge and establishing a foundation for sustainable growth by expanding demand for overseas tourists.”
Local media reports cited a Paradise representative as saying the acquisition enabled it to expand room capacity without new construction.
According to Chosun Biz, Paradise is also looking to open an augmented reality-based “Smart Racing Park” where vehicles can drive at speeds of up to 40 kph.
“We aim to lead the achievement of 30 million foreign tourists in response to the government’s priority policies on culture, arts and tourism,” the representative said.
“An increase in tourists through Paradise City’s exhibition curation and music festivals will create a synergy effect for industrial development.”
Paradise, which operates casinos in Seoul, Busan and Jeju and is the majority shareholder in the joint venture partnership with Japan’s Sega Sammy Holdings that runs Paradise City, has recently outlined a series of ambitious growth plans aimed at luring international VIPs to its properties.
These include development of a new US$400 million Seoul hotel, scheduled to open in 2028 and standing 18 floors tall, with around 200 suites and offering premium services for foreign VIPs, luxurious Korean-style cuisine and wellness amenities.
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