Paradise Co Ltd, a foreigner-only casino operator in South Korea, says completion on its acquisition of the West Wing (pictured) at the Grand Hyatt Incheon hotel, a property near the nation’s capital, Seoul, is now scheduled for Wednesday (January 6).
The firm had announced the hotel wing acquisition aim in September last year. At the time, it said the deal was likely to be closed by October 31 that year.
It eventually postponed the deal closure to December 19, 2025; and then pushed it to January 19, 2026.
In a filing on Wednesday to the Korea Exchange, Paradise Co brought the schedule forward slightly, to January 6.
The firm said: “The expected acquisition date has been confirmed as all conditions precedent to closing the transaction have been fulfilled.”
Paradise Co is to pay, via one of its subsidiaries, KRW210.0 billion (US$145.2 million) to acquire the West Wing of the Grand Hyatt Incheon hotel.
Grand Hyatt Incheon is adjacent to the Paradise City casino resort, a joint venture in Incheon between Paradise Co and Japan’s Sega Sammy Holdings Inc.
Paradise City is directly operated by Paradise Segasammy Co Ltd, the entity that will acquire the West Wing of the Grand Hyatt Incheon, according to a September filing to the Korea Exchange.
Grand Hyatt Incheon, managed by KAL Hotel Network Ltd, is near Incheon International Airport, the country’s main air hub.
The property was previously known as Hyatt Regency Incheon and opened in 2003 with a single wing. It added the 500-room West Wing in 2014, when the complex was rebranded as the Grand Hyatt Incheon.
Paradise Co has said the acquisition aims to “strengthen” the group’s “competitive advantage as an integrated resort operator” in South Korea.
The move also seeks to “establish a foundation for sustainable growth by expanding demand from overseas tourists,” it added when announcing the deal.
Hanwha Investment & Securities Co Ltd stated in a November memo, reported in Chosun Biz, that the addition of the Incheon hotel infrastructure to Paradise Co’s business would in likelihood see a boost to the gaming firm’s casino-drop amount, i.e., the money that clients exchange for chips to play.
Paradise Co also operates gaming at Walkerhill, Seoul, as well as in the southern port city of Busan, and at a venue on the semi-autonomous holiday island of Jeju.
