Paradise Co.’s $400M flagship hotel expected to start construction in 1Q25

In an update to the Korea Stock Exchange on Tuesday, South Korea's leading foreigner-only casino operator, Paradise Co., announced that construction on its new flagship hotel project is set to begin in the first quarter of 2025, with the opening scheduled for 2028.

The estimated cost of constructing the hotel is between KRW500 billion and KRW550 billion ($360 million – $400 million). This move is part of a revamped strategy aimed at attracting more international high-rollers to its properties.
When the company first announced the project in July, CEO Choi Jong-hwan said that the goal is to establish a premier hotel in Seoul, which will set a new benchmark in the hospitality industry. The hotel will feature all-suite accommodations, premium services for foreign VIPs, luxurious Korean-style cuisine, and wellness amenities.
The hotel will stand 18 stories tall, with approximately 200 rooms and an additional five basement levels, spanning 13,950 square meters.
Meanwhile, in September, Paradise Casino Walkerhill opened a new space optimized for high-roller games exclusively for VIPs, covering 383.31 square meters.

The company has projected steady business growth in the coming years, forecasting that its sales will reach KRW1.32 trillion ($952 million) by 2026. This projection is based on its 1H24 results, which revealed that its estimated sales, including affiliates not subject to consolidated financial statements, totaled KRW569.9 billion ($410 million), with an operating profit of KRW91.2 billion ($66 million).

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