• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Paradise breaks ground on Yeongjong casino

Nov 21, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck  


Paradise breaks ground on Yeongjong casino

South Korean casino operator Paradise Co Ltd broke ground on Thursday at the site of its planned US$1.7 billion Paradise City casino resort (pictured in a rendering) at Incheon, near the country’s capital Seoul, according to a report in the Korea Herald newspaper. The development is scheduled to open in 2017.

Paradise is a partner with Japan’s Sega Sammy Holdings Inc for the scheme at Yeongjong Island in the Incheon Free Economic Zone. Paradise holds a 55-percent stake in the joint venture according to previous statements by the company.

The project includes hotels, restaurants, and – as local law currently stands – a foreigners-only casino. The casino resort will have 160 gaming tables and 340 slot machines and 750 hotel rooms, according to a recent note from Daiwa Capital Markets.

“Above all, the resort complex boasts of a geographical advantage in that it is located within walking distance from Incheon International Airport,’’ Paradise Sega Sammy Co Ltd chief executive Choi Jong-hwan told reporters on Thursday, according to the Korea Herald.

According to Paradise, the resort will be a 15-minute walk from Incheon International Airport, the largest airport in South Korea and serving the country’s capital, Seoul.

Mr Choi has said in recent interviews that the casino at Paradise City would establish a massive junket operator network to bring in high rollers from mainland China.

Standard Chartered Equity Research, in Kong Kong, said in a recent report that the South Korean government would like China to be contributing half of the projected 20 million inbound tourists the country seeks to attract annually by 2017, versus 4 million out of 12 million total tourists China contributed in 2013.

But achieving break-even on the Paradise City scheme could still be tough as South Korea allows only foreign passport holders to enter casinos,  admitted Mr Choi. Currently, only Kangwon Land – a difficult-to-access casino resort 150 kilometres (93 miles) southeast of Seoul in Kangwon province – is open to locals.

The Paradise Sega Sammy CEO said he expects it to take at least a decade before Paradise City turns a profit. According to the country’s National Gambling Control Commission, total turnover from all gambling activities in South Korea in 2013 was US$19.2 billion, with the bulk of it  – US$7.5 billion  – coming from horse racing. Casino gambling accounted for US$2.2 billion.

Yeongjong Island has attracted investment interest from several international casino brands, including U.S.-based Caesars Entertainment Corp. Also this week, it was reported that Chow Tai Fook Enterprises Ltd plans to invest US$1.6 billion in a new casino resort at Incheon.


  • tweet
Related articles
  • S.Korea casino op GKL’s January sales up 230pct y-o-y
    S.Korea casino op GKL’s January...

    Feb 03, 2023  

  • Paradise Co January casino revenue jumps  y-o-y
    Paradise Co January casino revenue...

    Feb 02, 2023  

More news
  • Return of tours good for mass floor traffic: observers
    Return of tours good for mass floor...

    Feb 03, 2023  

  • Aristocrat completes acquisition of Roxor Gaming
    Aristocrat completes acquisition...

    Feb 03, 2023  


Latest News

Return of tours good for mass floor traffic: observers

Return of tours good for mass floor traffic: observers

Feb 03, 2023  

The imminent return of package tours from mainland China will not only help boost Macau’s tourism businesses, but is also expected to help casinos gain more foot traffic in their mass gaming...
Read More
S.Korea casino op GKL’s January sales up 230pct y-o-y

S.Korea casino op GKL’s January sales up 230pct y-o-y

Feb 03, 2023  

Aristocrat completes acquisition of Roxor Gaming

Aristocrat completes acquisition of Roxor Gaming

Feb 03, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon”

Alejandro Tengco

Chairman and chief executive of Pagcor



Most Popular

  • Jaw-dropping wagers in Macau CNY survey: CitigroupJaw-dropping wagers in Macau CNY survey: Citigroup February 2, 2023
  • Mainland tour groups to Macau to resume Feb 6: govtMainland tour groups to Macau to resume Feb 6: govt February 3, 2023
  • Return of tours good for mass floor traffic: observersReturn of tours good for mass floor traffic: observers February 3, 2023
  • Aruze Gaming America opts financial rejig after legal matterAruze Gaming America opts financial rejig after legal matter February 2, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us