Second stage of Korea’s Paradise City by March 2019
The first phase of the second stage of the Paradise City casino resort, in South Korea, is scheduled to open sometime between now and March 2019, said one of the project investors.
“Phase one of stage two development facilities, including [a] club and spa, [is] scheduled to open in the fiscal year ending March 31, 2019,” Japan’s Sega Sammy Holdings Inc said in a Friday filing.
The property is located in Yeongjong Island, home to Incheon International Airport – and part of the Incheon Free Economic Zone. It is a joint venture between South Korean foreigner-only casino operator Paradise Co and Sega Sammy Holdings.
Paradise City was launched in 2017. Its casino is only open to foreigners.
In the firm’s latest filing, Sega Sammy Holdings said there were “signs of gradual improvement in profitability” at Paradise City. The company did not provide further detail.
The firm added it planned to continue “to endeavour to accumulate further integrated resorts development and operational know-how through dispatching personnel to Paradise City.”
The interests of Sega Sammy Holdings as a whole include the manufacture of pachinko and pachislot machines for the Japan market, production of casino gaming equipment, the production of digital home entertainment products and toys for markets worldwide, and the development and operation of theme parks and gaming resorts.
The Japanese conglomerate has previously declared itself a contender for a casino licence in the country.
A number of brokerages say Japan’s nascent casino industry could move nearer to realisation with the possible passage this year of the Integrated Resorts (IR) Implementation Bill. Several investment analysts covering the casino industry have previously flagged the possibility of foreign casino operators being required to partner with Japanese firms to get a casino licence in the country.
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