It was reported that Paradise Co. Ltd., a South Korea-based casino and hotel operator, is planning to spend about US$26 million so as to expand the gaming floors of three of its casinos. At present, the company is managing a total of five casinos around the country.
Lee Hyuk-Byung, currently taking the position of a vice chairman of Paradise Co., shared in an interview that the decision for the renovations was made so as for the demands and expectations of the increasing number of players from Mainland China to be met.
The company is planning to add 26 more gaming tables in its venues. They will be predominantly intended for baccarat. Thus, the tables that Paradise Co. offers to its visitors will become as many as 252. Baccarat is one of the most popular table games among players from China and other Asian countries.
Mr. Lee pointed out that their venues are crowded during the weekends. As the executive said, the casinos will be able to cater for the needs of their visitors, once the expansion is completed.
At present, Paradise Co. manages five casinos in South Korea and they are all intended for foreign players only. One of the venues is based in the country’s capital Seoul, one in Incheon, one in Busan, and two on the Jeju Island, the so-called Jeju Grand included.
Reportedly, about 6.1 million Chinese citizens traveled to South Korea in 2014, up by 42% as compared to the figure posted in 2013. Furthermore, Chinese visitors constituted about 43% of all the foreigners who entered the country during the past twelve months.
Paradise Co. reported net profit of KRW96.4 billion or US$88.3 million for 2014. The company marked a 4.2% drop as compared to the results posted in 2013.
As previously reported, the Chinese government is currently carrying out a massive anti-corruption campaign. This is why foreign gambling operators have decided to establish offices in Mainland China, so as to be able to attract players from the country to their casinos.
Yet, Mr. Lee pointed out that his company does not need to set up such office, for it believes that its excellent reputation is enough to allure Chinese players to the premises of its venues.
Back in November, Paradise Co. announced that the construction of its multimillion Paradise City project in Incheon had already begun. The gambling operator is to work in collaboration with Sega Sammy Holdings Inc., a Japan-based manufacturer and distributor of pachinko machines.
