Paradise Group to build Korea’s biggest casinoParadise Sega Sammy, a subsidiary of Paradise Group, announced yesterday the construction of a resort complex on Yeongjong Island in Incheon.
Called Paradise City, the complex will be located at the International Business Center, adjacent to Incheon International Airport, and will be equipped with a high-end hotel and foreigner-only casino. The resort will be built on 322,600 square meters (79 square acres) of land and will cost 1.96 trillion won ($1.85 billion). It is scheduled to open in 2017.
Paradise Sega Sammy was founded in July last year and is 55 percent owned by the Paradise Group, a Korean casino group, and 45 percent owned by Sega Sammy, the Japanese entertainment company. Paradise Sega Sammy has already acquired approval for the project, via the Paradise Casino Incheon earlier this year.
Paradise City is expected to have the largest casino in the country, covering more than 11,190 square meters.
The luxury hotel will have 700 rooms and an international convention center that can accommodate 1,200 people, as well as shopping facilities.
Paradise City will also have a Hallyu-related entertainment facility, the company said. Paradise Sega Sammy said additional facilities, including business complexes, spas and another hotel, could be built once the first stage is completed in 2017.
“Considering that a resort business lasts for half a century, we expect 766,200 new jobs will be created, generating 6.37 trillion won in resort-related revenues and 2.66 trillion won of added value,” said a company official.
Paradise’s stock value rose 3.56 percent yesterday from the previous day to close at 27,650 won on the secondary Kosdaq market. It was the highest increase it has seen since being listed on the market in 2002.
BY LEE SANG-JAI [firstname.lastname@example.org]