• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

South Korea’s Paradise City to open in April 2017

Jun 03, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  


South Korea’s Paradise City to open in April 2017

The first phase of Paradise City – a casino resort announced for Incheon, near South Korea’s capital Seoul – is scheduled to open in April 2017, said one of the project developers.

The announcement was made by South Korea’s foreigner-only casino operator Paradise Co Ltd in an update on the construction progress of the casino resort released on Wednesday. The document also included a photograph of the site (shown above) said to have been taken last month.

Paradise Co and Japanese pachinko operator Sega Sammy Holdings Inc are the developers of Paradise City. The project has been previously promoted as having a price ticket of more than US$1 billion.

The scheme – dubbed as South Korea’s first casino resort – broke ground in 2014. The development, with a total area of 330,000 square metres (3.55 million sq feet), is presented in its official website as featuring a foreigner-only casino with 160 live table games, 378 electronic table games and 350 slot machines.

The first phase of Paradise City will include the casino and hotel and convention facilities. The following stages will feature a spa, areas dedicated to culture and entertainment, and a boutique hotel, according to the project’s official website.

A total of three large-scale casino resorts have been announced for Incheon. Other projects in the pipeline include: the Inspire Integrated Resort scheme, by U.S.-based Mohegan Tribal Gaming Authority and South Korean chemicals manufacturer KCC Corp, scheduled to begin operations by 2020; and an unnamed project – for which construction has not yet started – by U.S. casino operator Caesars Entertainment Corp and Hong Kong-listed real estate developer Lippo Ltd.

Lippo said in a March filing it was in talks with Caesars Entertainment on a number of issues, including Lippo possibly disposing of its stake in the proposed Incheon scheme.

South Korea currently has 17 casinos, but the country’s nationals are only allowed to gamble at one of them – Kangwon Land in an upland area of Kangwon province.

While Kangwon Land continues to see “solid growth” in its business, the foreigner-only casinos in South Korea saw aggregate gaming revenue decline by 10 percent in 2015, Fitch Ratings Inc stated in a March note. The rating agency said at the time that the negative performance was related to dwindling gambling volumes from Chinese players, influenced by mainland China’s ongoing corruption crackdown and slowing economy.


  • tweet
Related articles
  • Paradise 4Q loss up sequentially, positive EBITDA
    Paradise 4Q loss up sequentially,...

    Feb 26, 2021  

  • Kangwon licence extension to come with tax rejig: JP Morgan
    Kangwon licence extension to come with...

    Feb 24, 2021  

More news
  • Sci Games title ‘Hurricane Horse’ approved within Apac
    Sci Games title ‘Hurricane Horse’...

    Mar 01, 2021  

  • RGB loss slims sequentially for 4Q, annual loss US$7mln
    RGB loss slims sequentially for 4Q,...

    Mar 01, 2021  


Latest News

Sci Games title ‘Hurricane Horse’ approved within Apac

Sci Games title ‘Hurricane Horse’ approved within Apac

Mar 01, 2021  

Scientific Games Corp says it has approval within Asia-Pacific (Apac) for “Hurricane Horse” (pictured), the third Duo Fu Duo Cai-series game on the DualosX cabinet. The company said in an email...
Read More
RGB loss slims sequentially for 4Q, annual loss US$7mln

RGB loss slims sequentially for 4Q, annual loss US$7mln

Mar 01, 2021  

Macau casino GGR down 9pct m-o-m in February: govt

Macau casino GGR down 9pct m-o-m in February: govt

Mar 01, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

”While our financial results for fiscal 2020 were clearly impacted by the pandemic, they also highlighted our strengths, and the effectiveness of our business’ response"

Trevor Croker

Managing director of casino slot machine maker and digital games provider Aristocrat Leisure



Most Popular

  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
  • Melco’s Lawrence Ho hopeful on Macau recovery in MarchMelco’s Lawrence Ho hopeful on Macau recovery in March February 26, 2021
  • Suncity to open clubs at Londoner Macao, Lisboa PalaceSuncity to open clubs at Londoner Macao, Lisboa Palace February 26, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us