Paradise Co plans new Walkerhill VIP space, eyes China trade

Jul 02, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, says it will open in September a new space specially for high-roller gamblers at its Paradise Casino Walkerhill casino, in Seoul.

The information was given on Tuesday by Choi Jong-hwan, the group’s chief executive (pictured). The new facility will cover circa 383 square metres (4,123 sq. feet).

The company also plans to integrate the operating systems of its four casinos at, respectively, Seoul, Incheon, Busan and Jeju, to optimise marketing efforts, noting that it has an existing customer base of 1.07 million individuals.

In August, Paradise Co will open its own customer lounge at Gimpo International Airport, Seoul, according to Tuesday’s briefing.

CEO Mr Choi gave the information during a press conference at the Paradise City gaming resort at Incheon, a property it runs with Japan’s Sega Sammy Holdings Inc.

Paradise Co sees the Chinese consumer segment as a key driver for future sales growth, according to the executive.

“If the Japanese market has progressed significantly, I believe there is now substantial potential in the Chinese market,” said Mr Choi, as quoted by the Korea Times news outlet.

He stated: “Particularly for Jeju Island, many see it as an opportunity given that Chinese visitors can now enter visa-free.”

The company mentioned development of various travel products aimed at attracting Chinese tourists, adding it would host “K-culture” events to enhance offerings.

South Korean popular music, television soap operas, and clothing fashions are among cultural elements said to have a strong following across East Asia, according to some market research sources.

Paradise Co’s CEO also mentioned in Tuesday’s update that the group planned to start this year building a new hotel in eastern Seoul’s Jangchung neighbourhood with the aim of opening it in 2028.

It would have 18 floors and approximately 200 rooms – all suites – as well as five basement levels. The new hotel would cover 13,950 sq ms, and offer facilities including “premium services for foreign VIPs,” according to the news report.

There was no mention of whether there was an aim to have a casino in the new property.

This year, the company is set to advance its growth strategy, dubbed the “Beyond No. 1, Paradise Value Up Project”.

According to a May announcement, Paradise Co is now classified as a large South Korean corporation in terms of market capitalisation.

Paradise Co reported net income attributable to shareholders of nearly KRW25.94 billion (US$18.7 million) for the first quarter of 2024, according to a filing published on May 9.

Paradise Co began trading its shares on the country’s KOSPI stock index on June 24, having delisted from the KOSDAQ index.

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