Inside Asian Gaming

inside asian gaming september 2016 38 Asian Gaming POWER 50 2 0 1 6 Instead, his eyes are firmly planted on April 2017 when the company’s US$1 billion Paradise City development will open its doors. A joint venture with gaming machine manufacturer Sega Sammy Holdings, Paradise City – located next to Incheon International Airport on Yeongjong Island – will be Korea’s first integrated resort and feature a five-star hotel, convention center, hallyu-themed K-Plaza, indoor theme park, restaurants and a luxury spa. The gaming floor, with 160 tables, 385 electronic tables and 350 slot machines, will also dwarf any of the country’s other foreigner- only casinos – although it is the lack of locals that could once again restrict potential. Where Chun hopes to strike gold is northern China. Paradise City is the first of three IRs that will be up and running in Incheon by 2019 – the theory being that northern Chinese who previously travelled to Macau will now have a viable alternative on their doorstep. Time will tell if its boom or bust. Phillip Chun CHAIRMAN AND CEO Paradise Group Power 868 last 24 Score year Claims to fame Son of Rak-won Chun, who founded Paradise Group in 1972 Has 50% market share of Korea’s foreigners-only casino revenue 32 This is an interesting time for Paradise Group. The dominant player in Korea’s foreigner-only casino market, their five properties accounted for roughly half of the annual revenues brought in by all 16 combined in 2015. Yet there remains an enormous amount of uncertainty about just what the future holds. In a perfect world, the government would overturn legislation that bans locals from gambling in all but one remote casino, Kangwon Land, which last year contributed US$1.7 billion of Korea’s total US$2.8 billion gross gaming revenue. But 11 years after taking the reins from his father in 2005, Paradise Chairman and CEO Phillip Chun knows not to hold his breath for that one. Jay Chun PRESIDENT Paradise Entertainment Group Power 847 last – Score year Claims to fame Founder of Macau gaming equipment manufacturer LT Game Changed the face of Macau’s casino floors with his Live Multi Game Machines 33