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According to a press release by Japanese pachinko operator Sega Sammy Holdings, the first stage of the Paradise City casino resort in South Korea will open to foreigners on 20 April. The company has formed a joint venture with gaming operator Paradise Co Ltd. to carry out this project.
The 333,000-square-foot complex will be based at Incheon, with the first stage of it featuring a casino, a hotel and a conference facility. The total amount of the investment is said to be KRW1.3 trillion (USD 1.12 billion).
The new gaming establishment is going to offer 154 game tables, 281 slot machines and four installations of electronic games with a total of 62 seats. In turn, the hotel will have 711 rooms distributed among suites and pool villas, as well as a variety of restaurants serving Japanese, Chinese and Italian cuisine.
There are a total of 17 casinos in South Korea but only one, Kangwon Land, has a license to serve South Korean nationals.
A forecast by brokerage Shinhan Investment Corp envisaged that in the short run Paradise Co might incur operating profit losses following the launch of the new casino, but the development should boost the company’s revenue starting 2018.