GGRAsia – Paradise City theme park set to open in 1H2019

Paradise City theme park set to open in 1H2019

Nov 02, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck

Japanese gaming company Sega Sammy Holdings Inc says the Wonderbox indoor theme park, part of its Paradise City casino resort (pictured) joint venture in South Korea, will open in the first half of next year.

In reporting its results for its financial first half ended September 30, Sega Sammy confirmed that other facilities in the second stage of the first phase of Paradise City opened on September 21, including a club, a spa and a shopping mall. Phase one of the scheme had an aggregate investment of nearly US$1.4 billion, according to its promoter.

Paradise City is run by Paradise Segasammy Co Ltd, a joint venture by Sega Sammy and foreigner-only casino operator Paradise Co Ltd of South Korea.

Sega Sammy said in its latest filing that it would increase its effort to promote Paradise City among potential patrons in Japan. The company also said it would continue sending staff to Paradise City to learn how to set up and operate a casino resort.

Sega Sammy is a prospective developer and operator of a casino resort in Japan now that the law there permits gambling in casinos.

Sega Sammy reported that its profit attributable to the owners of its parent fell to just over JPY6.7 billion (US$59.46 million) in its financial first half, 62.3 percent less than a year earlier. First-half net sales fell to just over JPY171.05 billion, 12.2 percent less.

Net sales in the Sega Sammy resorts business grew to just over JPY5.18 billion in the first half of 2018, from just over JPY4.77 billion a year earlier. The first-half loss in the resorts business shrank to nearly JPY1.18 billion from nearly JPY1.3 billion a year ago.