NORTH ASIA 12
SOUTH KOREA
Projects progress as revenue picks up South Korea’s foreigner-only casinos have seen revenue improve in the first half, with progress made on IR plans, though there are still hurdles on the road ahead.
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a r a d i s e S e g a S a m my o p e n e d new facilities at Paradise City in September, with a greater emphasis on entertainment, completing the first phase of the development. Paradise City, South Korea’s first full integrated resort opened in April 2017, with a strong focus on art. The property, near the Incheon international airport, is a joint venture between South Korea’s Paradise Co. and Japan’s Sega Sammy. The facilities developed under Phase 1-2 feature 110,000 m2 of floor area and are comprised of a boutique hotel, Art Paradiso; a premium
Asia Gaming Briefings | October 2018
spa, Cimer; a club, Chroma, which will be the largest in Northeast Asia; an art gallery, Paradise Art Space; an event-type shopping mall, Plaza; a cutting-edge film studio, Studio Paradise and an indoor family entertainment facility, Wonderbox, together with other facilities. “The opening of the facilities developed under Phase 1-2 marks the end of development for Phase 1 and completion of PARADISE CITY as a genuine art-tainment resort where healing and play can be experienced at a single site,” it said. Paradise reported an almost 20 percent gain in casino revenue in the year to August, marking a sharp recovery in fortunes after a
political spat between Beijing and Seoul hit sales at South Korea’s foreigner only casinos last year. Table games were up 19.9 percent year-to-date, while revenue from machines gained 16.9 percent. For August alone, there was a 2 percent dip in revenue, pulled down mostly by a 13 percent drop in machine sales. Rival operator Grand Korea Leisure, which operates three casinos under the Seven Luck brand, posted strong August figures, though its results year-to-date have been lacklustre. Casino sales rose 21.8 percent in August to approximately KRW50.7 billion (US$45.3
