Inside Asian Gaming

IAG NOV 2019年11月 亞博匯 89 2019 亞博匯50強 OPENED into the teeth of a Sino-Korean diplomatic row in April 2017, Paradise City seems set to string together profitable quarters for the first time. Insiders say the IR, a 55%-45% joint venture with Japanese gaming manufacturer Sega Sammy, is very much a personal project of Chairman Phillip Chun, successor to his father, Paradise founder Rak-won Chun. The company line says Paradise wants Caesars and Mohegan Sun to open their Incheon IRs as soon as possible, but Paradise City is finally hay with its current monopoly on the doorstep of Korea’s gateway airport. JPMorgan analyst DS Kim raised his rating on Paradise’s Korea traded shares to neutral in September, following strong group growth in VIP volume from China and pace-setting Japan – seemingly unaffected by bilateral diplomatic woes – and expanding mass. Kim sees Paradise City becoming steadily profitable after surpassing Walker Hill casino in Seoul for the group’s highest gaming volume and revenue this year, growing at 46% and 62% respectively from a year earlier with no signs of cannibalization. Paradise casinos in Busan and Jeju grew gaming revenue a combined 24% in the first half of this year, giving Paradise an estimated 54% share of Korea’s foreigner-only casino market. 於 2017年4月這個中韓外交風波演得最烈之際開門迎客的百樂達斯城，似乎終 於迎來第一個有盈利的季度。內幕人士透露，該間由百樂達斯及日本博彩器具 製造商世嘉颯美各自擁有55%及45%股份的合資公司所營運的綜合度假村(IR) ，基本上就是繼承其父—百樂達斯創辦人田樂園—會長一職的田必立親自主 理的項目。該公司表示，百樂達斯希望凱撒及Mohegan Sun可以盡快啟用它們 在仁川的IR項目，但百樂達斯城亦終於從其在韓國門戶機場所在地的壟斷地位 中得益。 在來自中國的貴賓投注額出現強勁增長，來自日本的貴賓投注額似乎未 受韓日雙邊關係惡劣的影響而成為標杆，以及中場擴張之後，摩根大通分析師 DS Kim於9月把百樂達斯在韓國的股票評級上調至中性。在百樂達斯城超越位 於首爾的華克山娛樂場，達成了投注額及盈利分別在沒有蠶食其他物業的同時 依然按年增長46%和62%，從而成為該集團在今年的投注額及盈利最高的物業 的情況下，Kim認為百樂達斯城可以逐漸達至平穩的盈利。 位於釜山及濟州的百樂達斯娛樂場，其博彩收入於今年上半年合共上 升24%，讓百樂達斯在韓國那個只對外國人開放娛樂場市場的佔有率達至約 54%。 CLAIMS TO FAME • Paradise City, Korea’s first US$1 billion-plus integrated resort, turning consistently profitable in third year of operation • Leads foreigner-only casino market with locations in Seoul, Incheon, Busan and Jeju 名成事跡 • 百樂達斯城(Paradise City)這韓國首間價值超過10億美元的綜合度 假村在營運第三年就達至長期有盈利的狀態 • 在首爾、仁川、釜山及濟州等不同地方的那個只對外國人開放娛樂 場市場中獨領群雄 31 CHAIRMAN Paradise Group 會長 百樂達斯集團 PHILLIP CHUN 田必立 POWER SCORE 權能指數 : 911 POSITION LAST YEAR 去年排名 : 30