30 Phil-lip Chun
CHAIRMAN AND CEO
POWER SCORE: 938
POSITION LAST YEAR: 26
CLAIMS TO FAME
Opened Paradise City, South Korea’s first US$1 billion-plus integrated resort, in April 2017, adjacent to Incheon’s international gateway airport
Its four locations account for nearly half of Korea’s foreigner-only gaming revenue
Paradise Group’s flagship integrated resort at Incheon airport is beginning to pay off. Paradise City opened in April last year amid China’s group tour boycott over the THAAD missile defense system deployment and company casino revenue fell 9%. Through the first 10 months of 2018, though, Paradise group gaming revenue is up 19% to KRW532 billion (US$476 million), exceeding the full year totals for 2016 and 2017.
Chairman Phil-lip Chun, successor to his father, Paradise Founding Chairman Rak-won Chun, is banking on KRW1.5 trillion Paradise City to become a regional player. Paradise has three other casinos in Seoul, Busan and Jeju – it sold another Jeju casino to Lotte Tour in July for US$38 million – but none approach the scale of Paradise City, a 55-45% partnership with Japan’s Sega Sammy.
Paradise City features Korea’s largest foreigner-only casino with 154 tables, 281 slot machines and 62 electronic gaming terminals, plus its biggest hotel convention space, attached to a 771 room luxury hotel. In September, the IR added The Plaza, a glass enclosed dining and retail space, 58 suite Art Paradiso Boutique Hotel and a star-studded art gallery, plus Ibiza style nightclub Chroma and Korea-meets-West spa Cimer. The indoor theme park Wonder Box opens early next year.
For the full list of 2018 Asian Gaming Power 50 winners, click here.