CHAIRMAN
Paradise Group
POWER SCORE: 605
POSITION LAST YEAR: 29
CLAIMS TO FAME
- Opened South Korea’s first true integrated resort, Paradise City, in 2017
- Leads Korea’s foreigner-only casino market with locations in Seoul, Incheon, Busan and Jeju
IT’S BEEN a harrowing few years for South Korea’s foreigner-only casino industry. Already suffering the effects of a Sino-Korean diplomatic row that saw China impose damaging restrictions on tourist flow to its close geographical neighbor in 2017, the COVID-19 pandemic hit even harder by taking away much of its remaining customer base.
Relying on a small group of local expats to generate any revenue at all, Paradise – which operates four casinos in Seoul’s Paradise Walkerhill, Jeju Grand, Busan Casino Paradise and Incheon’s Paradise City – fell to a US$34 million loss in 2020 and US$17.6 million loss in 2021.
At least recent signs have been more positive. Since Korea removed its mandatory hotel quarantine requirement for unvaccinated international visitors and resumed the issuance of tourist visas in June, casino sales have surged with August sales up almost 90% month-on-month.
That will certainly come as some relief to Paradise Group Chairman Phillip Chun, who took over the family’s business after the passing of his father, Chun Rak-won, in 2004. It was Chun who took a risk by opening Korea’s first true integrated resort, Paradise City, in 2017 – an ambitious project that reflects the family’s passion for art.
For the full list of 2022 Asian Gaming Power 50 winners, click here.
