Paradise Group has long been a dominant force in South Korea’s foreigner-only casino industry, and as the industry continues its long recovery from the ravages of the pandemic Paradise is again showing the way forward.
Since the turn of the year, the operator of casinos in Seoul, Incheon, Busan and Jeju has seen its revenues soar – reaching close to US$60 million in August following a series of month-on-month gains. And while the pandemic showed that fortunes can be fleeting in the foreigner-only casino game, Paradise has been busy making moves to better protect itself from the whims of the market.
Last year, the company revealed plans to develop a new US$400 million hotel in Seoul – comprising around 200 suites and offering premium services for foreign VIPs, luxurious Korean-style cuisine and wellness amenities – as part of a revamped strategy to attract more international high rollers. It also opened a new VIP lounge at Seoul’s Gimpo International Airport to provide customized services to casino visitors and to those staying at Paradise City in Incheon under a package deal.
More recently, Paradise revealed it would pay around US$151 million to acquire the Grand Hyatt Incheon West Tower from KAL Hotel Network, expanding its room inventory at Paradise City from 769 currently to 1,270 via the addition of 501 hotel rooms.
For Chun, there is no time like the present to prepare for the future.
