Paradise Co Ltd, a foreigner-only casino operator in South Korea, says one of its units will pay KRW210.0 billion (US$150.6 million) to acquire the West Wing (pictured) of the Grand Hyatt Incheon hotel, a property near the country’s capital, Seoul. Interest in acquiring the hotel’s West Wing had been confirmed to GGRAsia last week by a representative of Paradise Co.
Grand Hyatt Incheon is adjacent to the Paradise City casino resort, a joint venture at Incheon between Paradise Co and Japan’s Sega Sammy Holdings Inc.
Paradise City is directly run by Paradise Segasammy Co Ltd, the entity that will acquire the West Wing of Grand Hyatt Incheon, according to a Tuesday filing to the Korea Exchange.
Grand Hyatt Incheon, run by KAL Hotel Network Ltd, is near the Incheon International Airport, the country’s main air hub.
Grand Hyatt Incheon used to be known as Hyatt Regency Incheon and opened in 2003, with a single wing. It added the 500-room West Wing in 2014, with the complex being rebranded Grand Hyatt Incheon.
In Tuesday’s filing, Paradise Co said the acquisition aims to “strengthen” the group’s “competitive advantage as an integrated resort operator” in South Korea.
The move also intends to “establish a foundation for sustainable growth by expanding demand from overseas tourist,” it added.
The deal is expected to close by October 31 this year, according to the document.
The Paradise City casino resort currently features 711 rooms, according to its corporate website. South Korean brokerage Hana Financial Investment Co Ltd estimated in a note in August that circa 200 of the property’s rooms were allocated to support casino operations.
The brokerage suggested at the time that the acquisition of the accommodation tower could help channel more room inventory into supporting casino operations; however, the institution noted that, should the deal proceed, the additional rooms would in likelihood only become available in the second half of 2026, following renovation.
Local media outlets reported that Paradise Co was also considering building a footbridge connecting the Paradise City complex to the West Wing of Grand Hyatt Incheon.
Paradise Co also runs 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.
In mid-March Paradise Co announced a plan to invest KRW575.0 billion to build a new hotel in eastern Seoul’s Jangchung neighbourhood. The aim is for the new hotel to open in 2028.
The casino firm also said it plans to increase its revenue “by more than 10 percent” annually through to 2027. That is part of its “plan to increase corporate value” for investors – also referred to by Paradise Co as its “Value Up” plan, according to a statement issued by the casino group earlier this year.
