Paradise City’s Art Paradiso boutique hotel to reopen on July 15
South Korea’s Art Paradiso boutique hotel has been closed for two years.
South Korea.- The Art Paradiso boutique hotel at Paradise City near Incheon International Airport is set to reopen on July 15 after a two-year closure. The hotel closed in July 2020 due to Covid-19 countermeasures.
Paradise City is a joint venture between Paradise Co, an operator of foreigner-only casinos in South Korea, and the Japanese group Sega Sammy Holdings. The integrated resort has a foreigner-only casino, a convention hall and the 711-room Hotel Paradise.
The luxury Art Paradiso hotel has 58 rooms and is known for its stylish design. It offers a variety of dining and entertainment options, including a rooftop bar with views of the city.
Paradise Co recently reported a net profit attributable to shareholders of KRW6.99bn (US$5.3m) for the first quarter of the year. That compares to a KRW4.05bn (US$3.1m) loss in the previous quarter and KRW28.58bn (US$21.7m) loss in the same period of last year.
Sales were KRW191.52bn (US$145.2m), down 0.9 per cent quarter-on-quarter but up 92 per cent in year-on-year terms. According to a separate presentation by the company on Wednesday (May 10), casino sales in the first three months of 2023 increased by 19.7 per cent quarter-on-quarter and 129 per cent year-on-year to just below KRW70.97bn (US$53.8m).
Sales from integrated resort operations declined by 9.4 per cent quarter-on-quarter to just above KRW91.26bn (US$69.2m). The sales doubles year-on-year.
