Paradise Co. Ltd., South Korea’s leading foreigner-only casino operator, is expanding its footprint in Incheon with the acquisition of the Grand Hyatt Incheon’s West Tower. The company confirmed on September 23 that its subsidiary Paradise SegaSammy Inc. will purchase the asset from KAL Hotel Network, a Hanjin Group affiliate, for KRW210 billion (approximately US$151 million).

Expanding Capacity at Paradise City

The deal, expected to close by October 31, 2025, involves the building itself while the land will remain under the ownership of Incheon International Airport Corporation. Paradise stated in its filing to the Korea Exchange that the move is designed to “strengthen” its “competitive advantage as an integrated resort operator” and “establish a foundation for sustainable growth by expanding demand from overseas tourist.”

The Grand Hyatt Incheon West Tower opened in 2014 and offers 501 rooms across a 16,000㎡ site. Situated just minutes from the Paradise City integrated resort, the acquisition provides a significant expansion of accommodation capacity without requiring new construction. Paradise City currently features 769 guest rooms, and with the addition of the West Tower, the total will increase to 1,270.

The proximity between the two properties has spurred discussion of building a connecting bridge to facilitate guest movement. According to Hana Financial Investment, around 200 of the current rooms at Paradise City are reserved specifically to support casino operations. The brokerage noted that the newly acquired rooms could provide flexibility, although they are unlikely to be available until the second half of 2026 after necessary renovations.

Paradise has characterized the purchase as a strategic decision aligned with South Korea’s broader goal of revitalizing its tourism industry. As reported by Chosun Biz, a company representative said, “We aim to lead the achievement of 30 million foreign tourists in response to the government’s priority policies on culture, arts, and tourism,” noting that large-scale events such as music festivals and curated exhibitions at Paradise City will generate further synergy with the expanded room offerings.

Paradise SegaSammy, a joint venture between Paradise Co. and Japan’s Sega Sammy Holdings Inc., directly manages Paradise City. The addition of the West Tower is expected to enhance its standing as a premier destination in Korea’s integrated resort market, particularly given the property’s location next to Incheon International Airport, the country’s main gateway.

Financial and Corporate Context

Paradise SegaSammy reported consolidated assets of KRW1.58 trillion (US$1.13 billion) at the end of 2024, representing about 40.22 percent of Paradise Co.’s total assets of KRW3.93 trillion (US$2.82 billion). The acquisition amount accounts for roughly 5.34 percent of the parent company’s assets, underscoring the scale of the investment.

The Grand Hyatt Incheon itself has a long history. Originally opened in 2003 as Hyatt Regency Incheon, the property rebranded as Grand Hyatt Incheon following the addition of the West Tower in 2014. KAL Hotel Network, a Hanjin Group subsidiary, has operated the hotel since its inception.

Beyond the Incheon project, Paradise Co. is pursuing broader expansion. Earlier this year, the company revealed plans to invest KRW575 billion in constructing a new hotel in Seoul’s Jangchung neighborhood, with an opening targeted for 2028. The operator has also outlined its “Value Up” plan, pledging to raise corporate value by growing revenue “by more than 10 percent” annually through 2027.

While the hotel acquisition is central to Paradise’s current expansion, the company is also pursuing innovative leisure concepts. Plans are underway for a 60,000㎡ augmented reality “Smart Racing Park” scheduled to open by 2027, where visitors can drive vehicles at speeds of up to 40 kilometers per hour in a digitally enhanced environment.