• 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

Korea’s Paradise Co tips Nov for Incheon start

Oct 28, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck  


Korea’s Paradise Co tips Nov for Incheon start

Paradise Co Ltd expects to break ground on its Incheon project next month, according to a note from investment bank Daiwa Capital Markets.

Last year, Paradise – currently South Korea’s biggest casino operator with five properties – said it was linking with Japan’s Sega Sammy Holdings Inc for a US$1.7-billion scheme at Yeongjong Island, in the Incheon Free Economic Zone. The development, called Paradise City (pictured in an artist’s rendering), is scheduled to open in 2017.

The project includes hotels and restaurants, and – as local law currently stands – a foreigners-only casino. According to statements by Paradise, the resort will be a 15-minute walk from the Incheon International Airport, the largest airport in South Korea and serving the country’s capital, Seoul.

Currently, only Kangwon Land – a difficult-to-access casino resort 150 kilometres (93 miles) southeast of Seoul in Kangwon province – is open to locals.

Daiwa’s note quoted Paradise chief executive Lee Hyuk-byung as saying that the company plans to start construction of the first phase of the scheme in November. Previous reports stated that the company was planning to kick off construction already this month.

The casino resort will have 160 gaming tables, 340 slot machines and 750 hotel rooms, Daiwa analysts Thomas Kwon and Mark Kwon wrote after accompanying Mr Lee to meet investors in the U.S. and Canada between October 20 and 23.

According to the two analysts, Paradise’s CEO expects the new property to generate annual revenue of KRW400 billion (US$381 million) by 2018, with 25 percent coming from non-gaming activities. He reportedly added that the property would deliver 25-percent earnings before interest, taxation, depreciation and amortisation (EBITDA) margin in 2018. The margin should improve to 35 percent in 2025 on the back of increasing revenue from the mass gaming market.

In July, GGRAsia reported that another Incheon project involving U.S.-based Caesars Entertainment Corp was expected to break ground next year, with phase one likely to open in 2018.

But Paradise City may face even more competitors. The South Korean government’s master plan for new international-standard casino resorts is likely to include up to three more licences for the Incheon area, according to a report from Standard Chartered Equity Research. The casino industry has anticipated the master plan will be published by the end of this year.

Daiwa’s note also mentioned plans by Paradise to expand the casino floor area in its existing casino portfolio.


  • tweet
Related articles
  • Kangwon Land slot brand Manila office eyes SE Asia sales
    Kangwon Land slot brand Manila office...

    Mar 28, 2023  

  • China demand a boon to S.Korea casinos: brokerage
    China demand a boon to S.Korea casinos:...

    Mar 14, 2023  

More news
  • Pagcor chairman keynote speech at SiGMA Asia
    Pagcor chairman keynote speech at SiGMA...

    Mar 28, 2023  

  • 3-month eVisa plan to boost Vietnam tourism: report
    3-month eVisa plan to boost Vietnam...

    Mar 28, 2023  


Latest News

Pagcor chairman keynote speech at SiGMA Asia

Pagcor chairman keynote speech at SiGMA Asia

Mar 28, 2023  

Alejandro Tengco (pictured), chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), is to give the keynote speech for the opening of the SiGMA Asia conference for the...
Read More
3-month eVisa plan to boost Vietnam tourism: report

3-month eVisa plan to boost Vietnam tourism: report

Mar 28, 2023  

Kangwon Land slot brand Manila office eyes SE Asia sales

Kangwon Land slot brand Manila office eyes SE Asia sales

Mar 28, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The data and evidence on hand all point to the same conclusion: enough is enough. It is time to ban offshore gaming operations in the Philippines, once and for all”

Sherwin Gatchalian

Chairman of the Committee on Ways and Means of the Senate of the Philippines



Most Popular

  • Raffles hotel checks complete at Galaxy Phase 3: MGTORaffles hotel checks complete at Galaxy Phase 3: MGTO March 27, 2023
  • Melco’s Studio City has foreigner-only bet zone: checksMelco’s Studio City has foreigner-only bet zone: checks March 27, 2023
  • Foreigners can use HK-Macau free ticket says tourism bossForeigners can use HK-Macau free ticket says tourism boss March 27, 2023
  • Macau diversification into non-gaming to remain slow: FitchMacau diversification into non-gaming to remain slow: Fitch March 24, 2023
  • Philippine lawmaker wants POGOs shut within 3 monthsPhilippine lawmaker wants POGOs shut within 3 months March 27, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us