New Growth Strategy 'Beyond NO.1, Value-Up Project'
Completion of High-End Hotel in Jangchung-dong by 2028
Foreign Casino, Infrastructure Reorganization Targeting Super-Gap
Paradise, which moved to the Korea Composite Stock Price Index (KOSPI) market after more than 20 years, presented its ambition to reorganize its entire business, including foreigner-only casinos, hotels, and integrated resorts, to build "Korea's Paradise (樂園)" leading the domestic tourism industry.
Paradise CEO Choi Jong-hwan is presenting the group's new growth strategy, "Beyond NO.1, Paradise Value-Up Project," at the 'Media & IR Day' held on the 2nd at Paradise City in Yeongjongdo, Incheon.
On the 2nd, Paradise Group held a 'Media & IR Day' at Paradise City in Yeongjongdo, Incheon, announcing its record-breaking performance and future growth plans, and unveiled the group's new growth strategy, the 'Beyond NO.1, Paradise Value-Up Project.'
The company explained that this strategy embodies Paradise's intention to establish its brand as an 'experience industry creator,' lay the foundation for a top-tier high-end hotel, and accelerate a first-mover strategy in the casino industry.
Paradise Group overcame the COVID-19 pandemic and achieved its highest-ever performance since its founding in 1972, posting consolidated sales of 1.041 trillion KRW and operating profit of 188.1 billion KRW last year. Building on this, the group sought to establish the same sector as its competitors and induce a revaluation of corporate value to maximize shareholder value, leading to its transfer listing to the KOSPI market on the 24th of last month. This marks over 20 years since entering the KOSDAQ market in November 2002.
To promote value-up that enhances corporate value, Paradise has designated this year as the inaugural year of brand management and plans to establish a roadmap responding to market changes, unveiling a new campaign within the year. The company presented a vision to provide not only services but also diverse content and brand experiences tailored to consumers who value preferences and experiential value.
The flagship hotel in Jangchung-dong, Jung-gu, Seoul, which the group has identified as a key business, will begin construction by the end of this year with a goal to open in 2028. The hotel will be developed on a site of 13,950 square meters (approximately 4,220 pyeong), with 5 basement floors and 18 above-ground floors, housing about 200 rooms. It aims to be a luxury hotel representing Korea, targeting foreign VIP customers.
Choi Jong-hwan, CEO of Paradise, stated, "Paradise's hotel business has accumulated know-how and capabilities through operating Paradise Hotel Busan, which has represented Busan for over 40 years since 1981, and Paradise City, the first integrated resort in Northeast Asia opened in 2017. We plan to open a symbolic hotel in the heart of Seoul that surpasses five-star standards," emphasizing, "This will mark our evaluation as the number one brand in high-end hotels."
In the casino sector, Paradise will leverage its 52 years of accumulated experience to achieve a super-gap advantage. Specifically, it plans to pursue synergy among its four casino operations in key locations such as Seoul, Incheon, Busan, and Jeju, while reorganizing the facilities and human infrastructure of the Busan and Jeju sites, which have been relatively less competitive. Next month, a hub lounge concentrating VIP services and competitiveness will be newly established at the international terminal of Seoul Gimpo Airport, enhancing operational systems and marketing competitiveness.
To strengthen the Chinese market, which has been slow to recover after COVID-19, Paradise Casino Walkerhill will create a VIP-only gaming area optimized for high-roller games, covering 388.31 square meters (about 117 pyeong), scheduled to open in September. Paradise expects casino sales to continuously increase to 22 billion KRW in 2025 and 32 billion KRW in 2026, driven by this new facility. Paradise Casino has already introduced RFID technology and AI-based interpretation services.
CEO Choi said, "For over 50 years, Paradise has led the development of Korea's tourism industry, known as a smokeless export industry, under the banner of 'tourism for national prosperity.' We will solidify our super-gap competitiveness beyond being number one in the casino industry."
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