Seoul, South Korea, November 9, 2026. South Korea’s gaming industry is attracting new hotel investments and expansion projects while facing financial pressures. Paradise Co. confirmed its interest in acquiring Maison Glad Jeju, a hotel historically valued at KRW605 billion (US$405 million), while Kangwon Land reported a quarterly loss despite maintaining investments totaling KRW145.4 billion.
On November 9, Paradise disclosed through DART, the regulatory disclosure system supervised by the Financial Supervisory Service (FSS), that it is considering participating in the acquisition of the approximately 513-room hotel in Jeju City, without a final purchase price or approved agreement.
The negotiations involve assets owned by DL Group and previous discussions with Koramco Asset Management. The company, chaired by Choi Jong-hwan, with Lim Jun-shin as Co-CEO and Lee Chan-yul as Chief Financial Officer, expects to update its position on December 8.
Paradise operates foreigner-only casinos in Jeju, Seoul, Busan, and Incheon. In October, it recorded KRW82.123 billion in casino sales (+12.8%), bringing its January–October total to KRW826.03 billion (+10.9%). In January, the company completed another hotel acquisition in Incheon for KRW210 billion, adding 501 rooms.
Meanwhile, Kangwon Land, led since September 2 by President and CEO Kim Do-gyun, reported a quarterly net loss of KRW3.631 billion on November 6, compared with a KRW113.07 billion profit in 2025, affected by bond valuation losses. Consolidated revenue declined 3.8% to KRW369.454 billion, while operating profit fell 17.9% to KRW59.666 billion.
Chae Hwi-young
The High1 Resort casino in Jeongseon, Gangwon, generated KRW359.4 billion in gross gaming revenue (GGR), down 2.5%, with 640,039 visitors. The mass-market segment contributed KRW294.9 billion, compared with KRW64.5 billion from VIP gaming (+9.6%).
The company, whose Executive Vice President is Yu Jeong-bae, has invested KRW110.1 billion of its annual budget. It is renovating 757 rooms, including 477 Grand Hotel rooms and 280 condominium units, with completion scheduled for 2028 and 2027, respectively. The Ministry of Culture, Sports and Tourism, headed by Chae Hwi-young, reported 17.11 million international visitors (+21.5%) through September, as both companies pursue strategies to capture tourism demand.
