The business of Paradise City (pictured), a leisure complex with a foreigner-only casino in Incheon, South Korea, is now enjoying “positive” operating revenue and net profit, with its VIP business in Japan beating its pre-pandemic levels, said Japan’s Sega Sammy Holdings Inc., a partner with local operator Paradise Inc., in an op-ed to GGRAsia.
Profit margins at the property “have improved further due to structural reforms during the pandemic,” said Sega Sammy, a spokesperson for Holdings. “As such, [Paradise City] has met our expectations,” he added.
April 2024 marks the seventh year since Paradise City Integrated Resort (IR) opened. For three of those years, deals have been impacted by the COVID-19 pandemic, as have all other IR and casino hotel deals in South Korea.
Paradise City, which is close to Incheon International Airport, “has grown as expected and achieved profitability before the pandemic,” a Segasammi Holdings spokesperson said.
The official added that the “number of new Japanese VIPs” at the property has now “increased to the point where it exceeds pre-pandemic levels, and the average gameplay time at casinos is also increasing.”
The Chinese VIP sector is “fully recovering” and expects the “gradual” process to continue, the spokesperson said.
“Room occupancy and daily rates remain high, capturing domestic demand, during the pandemic that has solidified the hotel’s position as a luxury resort, and we are looking forward to further growth in the sector,” said Segasammi, head of Holdings.
“We will continue to strive for innovation not only for the management of Paradise City but also for the entire resort,” he said, adding, “We will strive for innovation through the synergy effect that enables this Korea-Japan joint venture, which is the source of business competitiveness.”
BY: 사설경마사이트