GGRAsia – Paradise City to reopen Art Paradiso hotel Jul 15: operator

Paradise City to reopen Art Paradiso hotel Jul 15: operator

May 11, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck

The Art Paradiso boutique hotel (pictured), at casino resort Paradise City near Incheon International Airport, South Korea, is to reopen on July 15, it was announced on Wednesday.

The hotel’s shuttering had been announced in June 2020, with effect from July that year. At the time, the closure was described as temporary and linked to the South Korean government’s efforts to reduce the spread locally of Covid-19.

Paradise City – close to the country’s main air hub which serves the capital Seoul – is a joint venture operation between Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, and Japanese group Sega Sammy Holdings Inc.

The reopening date for Art Paradiso was confirmed by Paradise Co.

Paradise City was launched in April 2017 with a casino open only to foreigners, a convention hall, and a hotel called Hotel Paradise, with 711 rooms. Art Paradiso, featuring 58 rooms, was part of the project’s second phase, and opened its doors in September 2018.

First-quarter sales at Paradise City declined 9.5 percent quarter-on-quarter, to just above KRW91.26 billion (US$69.0 million). Judged year-on-year, such sales doubled, according to data disclosed by Paradise Co in the latter’s first quarter results announcement, published on Wednesday.

Casino sales at the integrated resort in the first three months of 2023 declined 11.8 percent quarter-on-quarter, to just below KRW63.40 billion. They were up 178.5 percent from a year earlier.

Hotel sales for the period were KRW23.27 billion, down 3.3 percent sequentially. Measured in year-on-year terms, such sales were up 16.2 percent in the initial three months of 2023.

Paradise City reported net profit of KRW2.66 billion for the first quarter. That was a decline on the KRW3.52-billion net profit recorded in the previous three months, but an improvement on the KRW17.63-billion loss in the first quarter of last year.