Paradise City

    Website: http://p-city.co.kr/

    Paradise City is know as the first first Korean-style integrated resort in Northeast Asia.Paradise Group, which has led the tourism industry of Korea for the past half-century, has joined forces with Sega Sammy, the representative entertainment company in Japan, to build Paradise City, a Korean-style integrated resort that, upon completion in 2017, will be a symbolic center for tourism and business in Northeast Asia. The project is located at the International Business Center (IBC-1 Phase 2) Area of Incheon International Airport, with a land area of 330,000 square meters.Paradise City will be a signature place featuring a combination of Eastern and Western culture that includes the Korean Wave. It will also be home to unique spaces where science and art are integrated.It is expected to complete construction in February 2018.

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    Paradise Co., which runs foreigner-only casinos in South Korea, reported flat September revenue, though for the first nine months of the year, sales have risen 17 percent.

    Paradise City phase one complete with new openings

    Paradise SegaSammy said it will open new facilities at Paradise City, with a greater emphasis on entertainment, on Sept. 21, completing the first phase of the development.

    Sega Sammy hometown governor visits Paradise City in Incheon

    Miyazaki Governor Shunji Kono toured the Paradise City IR in Incheon, Korea, on November 15, suggesting the possibility that a second location on the Japanese southern island of Kyushu may be exploring the possibility of hosting a future IR bid. Governor Kono’s tour of the Korean IR, which lasted about 90 minutes, was hosted by […]

    Paradise net profit down 86.5 pct, casino revenue up

    South Korean casino operator Paradise Co reported a 86.5 percent year-on-year decrease in net profit for the third quarter of 2017, down to KRW1.4 billion. Total sales increased 11.9 percent to KRW196.1 billion, with casino sales up 5.3 percent to KRW155.6 billion in the quarter. However, the cost of sales rose by around 11.2 percent […]

    Cruise ship terminal earmarked for Incheon

    A new cruise ship terminal is set to be built just 5km from Incheon International Airport, with the aim of boosting passenger traffic to the airport and its two neighbouring resort complexes, the Chosun Iibo reports. Expected to be completed by 2021, the new cruise terminal is estimated to cost between KRW200 to KRW500 billion […]

    Paradise City gaming rev down 30 pct in May

    South Korean casino operator Paradise Co. reported a 30.4 percent decline in gaming revenue in the month of May, reaching KRW 41.6 billion (US$37.1 million). Table game revenue was down 30.9 percent to KRW 39 billion, while machine gaming was down 20.3 percent to KRW 2.54 billion. May was also the first full month of […]

    Paradise Co 17Q1 profit plunges on VIP luck

    Paradise Co reported a 92 percent plunge in net profit in 17Q1, due to a downturn in casino sales caused by unfavorable VIP luck. The group, which operates the Busan, Walker Hill, Paradise City, Jeju Grand and Jeju Lotte establishments in South Korea, reported net profit of KRW 1.3 billion (US$1.2 million) in 17Q1, down […]

    Chinese tourist decline will hurt Paradise City

    South Korea’s Paradise City may face hard yards due to a ban on Chinese tour groups to the country, notes Bloomberg Intelligence analyst Margaret Huang in a report earlier this month. “The $1.1 billion, mass-market oriented property had hoped to capture Chinese visitors with a Korean culture theme… Yet the travel ban is likely to […]

    Korea’s first integrated resort holds grand opening

    South Korea’s newest integrated resort held its grand opening in Yeongjongdo on Thursday, giving yet another option for gamblers from neighboring China and Southeast Asia, local media reports. “Paradise City has been the best challenge for our company as the first mover of the tourism industry. We’ll make sure the resort complex becomes a key […]

    South Korea’s first IR to open April 20

    Paradise Co. and Japan’s Sega Sammy will open South Korea’s first integrated resort on April 20th on a 330,000 m2 site in Incheon, near the international airport. The KRW1.3 trillion ($1.1 billion) resort will open with a hotel, including 711 guest rooms, as well as convention halls and the country’s largest foreigner only casino. The […]

    Overseas VIP gaming revenue outpaces Macau in 16Q2

    Overseas (ex-Macau) VIP gaming revenue grew 27 percent year-on-year in 16Q2 after two years of negative growth, said Morgan Stanley in a note on Tuesday. “Part of that was driven by new casinos in Saipan /Vladivostok and part from junkets moving to low tax jurisdictions like the Philippines,” said the brokerage, referring to Imperial Pacific’s […]

    First IR seeks to inspire lukewarm market

    South Korea’s first true integrated resort is expected to open on April 20, although concerns remain about the potential for growth in the foreigner-only market. When Paradise Group and Japan’s Sega Sammy open their KRW1.3 trillion ($1.1 billion) property in Incheon next month, it will be the country’s first fully fledged integrated resort and the largest casino to date.
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