Paradise Co. invests $400M in new Seoul hotel, luxury casino planned?

March 13, 2025

Paradise Co. invests $400M in new Seoul hotel, luxury casino planned?

Paradise Co Ltd, a leading operator of foreigner-only casinos in South Korea, has announced plans to invest $396.4 million (€365 million) in a new ultra-luxury hotel in Seoul’s Jangchung neighbourhood. The new hotel is designed to be an “uber luxury” establishment.

The project, set for completion in 2028, has sparked speculation about whether it could include a casino, given the company’s core business and the steady rise in Gross Gaming Revenue (GGR) from foreigner-only casinos in the country.

The announcement comes at a time when South Korea’s foreigner-only casino market is experiencing strong growth. In 2023, the country’s casino industry recorded a 40.7 percent year-on-year increase in GGR, reaching approximately $2 billion (€1.84 billion).

Major operators, including Paradise Co and Grand Korea Leisure (GKL), have reported significant revenue gains, largely driven by a return of international tourists and high-spending VIP gamblers.

Paradise profits from gambling boom

Paradise Co recorded a 10.2 percent year-on-year increase in casino revenue for 2024. However, in January 2025, the company experienced a slight 2.3 percent decline compared to the same month the previous year. Despite this dip, revenue remained 1.0 percent higher than in December, according to filings with the Korea Exchange.

Despite occasional dips, the overall trajectory remains positive. The surge in gaming revenue is attributed to an increase in overseas visitors, particularly from China and Japan, as well as improved marketing strategies targeting affluent foreign players. Given this growth, industry analysts suggest that expanding casino operations within Paradise Co’s new hotel could be a logical next step.

Paradise Co currently operates three foreigner-only casinos in Seoul, Busan, and Jeju, along with its Paradise City resort in Incheon, co-managed with Japan’s Sega Sammy Holdings Inc.

The company has consistently expanded its luxury offerings, including the recent launch of the Paradise Lounge at Gimpo International Airport, designed to cater to VIP customers.

No confirmation for new casino yet

While Paradise Co has not explicitly stated plans to incorporate a casino within the 18-storey, all-suite hotel, the move aligns with the firm’s strategy to diversify its business portfolio while enhancing synergy with existing casino operations.

The new development will cater to high-end international travellers, featuring premium services for VIP guests – a clientele that also drives the casino sector.

With South Korea’s casino market gaining momentum, integrating a high-end gaming facility within the new hotel would provide an additional revenue stream while reinforcing Paradise Co’s presence in the premium tourism sector.

While no official confirmation has been given, the company’s latest investment indicates this might be a step to position itself to capitalise on the continued recovery and growth of the foreigner-only casino industry.