blog image

​Paradise Co Ltd, a prominent South Korean operator of foreigner-only casinos, has unveiled plans to invest approximately KRW575 billion (US$396.4 million) in constructing a new luxury hotel in Seoul's Jangchung-dong district. The company has secured a KRW550 billion (US$379 million) loan from Woori Bank to support this development, with the hotel slated to open in 2028.

This 18-story hotel will feature around 200 suites and five basement levels, covering 13,950 square meters. Paradise Co aims to elevate Seoul's luxury hospitality sector by offering premium services and amenities, positioning the hotel as a high-end destination for international visitors.

The initiative is part of Paradise Co's strategy to diversify its business portfolio and create synergies with its existing casino operations. The company operates four casinos in South Korea—Paradise Walkerhill in Seoul, Paradise Jeju on Jeju Island, a facility in Busan, and a joint venture with Japan's Sega Sammy Holdings Inc., operating the Paradise City casino resort in Incheon.

In the fiscal year 2024, Paradise Co reported a 30.1% increase in net income, totaling 104.3 billion won, with revenues rising to approximately 1.07 trillion won—a 7.8% increase from the previous year. The company also announced a year-end cash dividend of 150 won per share of common stock, scheduled for payment on April 25, amounting to a total dividend distribution of around 12.95 billion won.

This significant investment underscores Paradise Co's commitment to enhancing South Korea's tourism and hospitality landscape, aiming to attract a broader international clientele and strengthen its position in the competitive luxury hotel market.