Paradise City sees positive operating, net income with Japanese VIP business

Sega Sammy Holdings Inc. reports that Paradise City, a casino and entertainment complex located in Incheon, South Korea, is exclusively open to international visitors. The complex is currently generating positive operating and net profitability, with Japanese VIP business reaching pre-pandemic levels.

The resort, which is jointly operated by Paradise Co Ltd, a local operator, has experienced an increase in profit margins as a result of structural modifications implemented during the epidemic. Despite the difficulties brought about by COVID-19, Paradise City has made money three out of the seven years since it was established in April 2017.

The fact that the number of Japanese VIPs at the facility has significantly exceeded pre-pandemic levels has contributed to its extraordinary success. The group believes that the Chinese VIP market will keep growing steadily. Due to its high room occupancy and daily rates—the result of satisfying local demand during the pandemic—the hotel is positioned as a luxury resort.

It is expected that this industry will continue to grow. Sega Sammy Holdings, a joint venture between South Korea and Japan, is committed to innovating for Paradise City and the resort as a whole by using synergies inside.

Sega Sammy Holdings expects increased demand from new entrants such as the Mohegan Inspire Entertainment Resort in relation to the “cluster effect” of Incheon International Resort. Sega Sammy sees Inspire as a partner in the expansion and development of the market, despite the fact that they are competitors. The business is upbeat about the overall expansion of the gaming sector in the Seoul region.

In response to a newly signed memorandum of cooperation to strengthen Incheon tourism, Sega Sammy Holdings wants to improve the city’s image by integrating fresh material, such as local tourism and K-culture. The goal is for Incheon to become a well-known “K-style” travel destination on a worldwide scale.

Sega Sammy Creation Inc., the casino technology supply company owned by Sega Sammy Holdings, is concerned about Japan’s emerging IR sector and cites ambiguous rules and licensing requirements as reasons. At this time, the company is not looking to join any national or international IR consortia, however it is prepared to enter the equipment-supply sector if opportunities present themselves.

Prior to Yokohama’s exit from the competition in the fall of 2021, Sega Sammy Holdings has looked about working with casino operator Genting Singapore Ltd. to get a Yokohama license.

Original story by: GGRAsia