Paradise SegaSammy Inc., a major subsidiary of Paradise Co., announced plans to acquire the Grand Hyatt Incheon West Tower for KRW210 billion ($151 million), according to a filing with the Korea Stock Exchange on September 23rd.
The acquisition, scheduled to be completed by October 31st, 2025, will strengthen the company’s position as an integrated resort operator and provide a foundation for sustainable growth by attracting more international tourists, the filing stated.
The property is adjacent to the Paradise City casino resort, also located in Incheon. Paradise City is a joint venture between Paradise Co. and Japan’s Sega Sammy Holdings Inc., and the addition of the West Tower is expected to enhance the group’s competitive edge in Korea’s integrated resort market.
The asset, comprising land and buildings, will be acquired from Kal Hotel Network Co., with Paradise SegaSammy taking ownership of the building. The land remains under the ownership of Incheon International Airport Corporation.
The acquisition price represents approximately 5.34 percent of Paradise Co.’s consolidated total assets, which stood at KRW3.93 trillion ($2.82 billion) at the end of 2024. Paradise SegaSammy’s own assets were reported at KRW1.58 trillion ($1.13 billion), or 40.22 percent of the parent company’s consolidated total.
The decision was approved by Paradise Co.’s board on September 23rd, though the company noted that the acquisition amount and schedule remain subject to change depending on circumstances.
Paradise SegaSammy is a leading casino operator in South Korea, operating hotels, resorts, and foreigner-only casinos. The addition of the Grand Hyatt Incheon West Tower is expected to create new synergies with Paradise City, further enhancing its appeal to international visitors.
