GGRAsia – Paradise Co mulls Busan casino move, separate to Seoul plan

Paradise Co mulls Busan casino move, separate to Seoul plan

Sep 27, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck

Paradise Co Ltd, a foreigner-only casino operator in South Korea, is considering relocating its Paradise Casino Busan business (pictured), currently housed in Paradise Hotel Busan in the country’s southeastern port city of that name. The company confirmed to GGRAsia that possibility.

A Paradise Co spokesperson added that the group had yet to make a decision. The person also clarified to GGRAsia that its planned new hotel in the country’s capital Seoul, announced in July, was not “under consideration” as recipient of its Busan casino licence rights.

No mention was made in July’s business update, on whether the intended new Seoul hotel – in the eastern neighbourhood Jangchung – would have a casino. There is a precedent in South Korea – seen at the time Paradise City opened in Incheon, and when Jeju Dream Tower promoted by Lotte Tour Development Co Ltd, opened on Jeju – of transferring gaming licences from an existing property – subsequently closed down – to a new one.

Last week Lee Hyun Seok, planning director at Paradise Hotel Busan, was quoted as saying that “since Paradise Hotel Busan was built 1981”, and the casino also opened in that year, “we are considering rebuilding the hotel as well as [considering] its casino venue relocation”.

The executive had been speaking at an event called “Gimhae Industry・Culture・Tourism and Convergence Forum”, hosted by Gimhae Research Institute and as quoted by Busan news outlets. The institute is affiliated to the local government of Gimhae City, northwest of Busan, according to the media reports.

The news outlets had cited Mr Lee as saying that the currently-mulled options for the Busan casino operation were either moving it to Busan North Port Redevelopment Project, or close to a planned new airport at Gadeok Island near Gimhae City, or remaining at the present site and rebuilding the casino and hotel facilities there.

Paradise Co opened in mid-September at its existing Seoul gaming property, Paradise Walkerhill Casino, a new VIP play area. It is the result of a revamp of a buffet restaurant on the second floor of the Grand Walkerhill Seoul hotel.

It will enable Paradise Co to “gain significant competitive advantage as a leading casino operator”, according to the group’s chief executive, Choi Jong Hwan.