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
Few jurisdictions were impacted by the COVID-19 pandemic to the extent of South Korea and its extensive foreigner-only casino network. And as the leading foreigner-only casino operator in the country, that pain hit extra hard for Phillip Chun’s Paradise Co.
But like much of Asia, South Korea is on the road to recovery and Paradise is reaping the benefits. The company reported record revenue and profit in the three months to 30 June 2023, with casino sales rising by 66% year-on-year and 89.4% quarter-on-quarter to KRW134.4 billion (US$102 million).
This, Paradise said, was largely driven by the return of Japanese VIPs, whose numbers are already exceeding 2019 levels to help cover for the slower return of Chinese customers. Nevertheless, analysts have suggested these Chinese customers are already starting to come back in greater numbers, which bodes well for the months ahead.
Paradise operates four casinos nationwide including Paradise Walkerhill in Seoul, Jeju Grand, Busan Casino Paradise and its Incheon integrated resort Paradise City. The big question for Chun – who took over the family’s business after the passing of his father, Chun Rak-won, in 2004 – will be how Paradise City is impacted by the impending launch of Incheon’s second IR, Mohegan Inspire.
The answer may well dictate how profitable Paradise continues to be in the years ahead.
For the full list of 2023 Asian Gaming Power 50 winners, click here.
