South Korea’s Art Paradiso boutique hotel has been closed for two years.<\/p>\n\n\n\n\n\n\n\n
South Korea.- The Art Paradiso boutique hotel at Paradise City<\/strong> 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.<\/p>\n\n\n\n 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<\/strong>, a convention hall and the 711-room Hotel Paradise.<\/p>\n\n\n\n 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. <\/p>\n\n\n\n Paradise Co<\/a> recently reported a net profit attributable to shareholders of KRW6.99bn <\/strong>(US$5.3m) for the first quarter of the year. That compares to a KRW4.05bn (US$3.1m) loss in the previous quarter<\/a> and KRW28.58bn (US$21.7m) loss in the same period of last year.<\/p>\n\n\n\n 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 <\/strong>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).<\/p>\n\n\n\n Sales from integrated resort operations <\/strong>declined by 9.4 per cent quarter-on-quarter to just above KRW91.26bn (US$69.2m). The sales doubles year-on-year.<\/p>\n","protected":false},"excerpt":{"rendered":" South Korea’s Art Paradiso boutique hotel has been closed for two years.<\/p>\n","protected":false},"author":176,"featured_media":3142,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Paradise City's Art Paradiso boutique hotel in South Korea is set to reopen on July 15 after a two-year COVID-19 induced closure. This reopening coincides with Paradise Co, a joint venture partner with Sega Sammy Holdings, reporting a Q1 2023 net profit of KRW6.99bn, a significant turnaround from previous losses, driven by strong casino sales growth.","focusai_entities":"Art Paradiso, Paradise City, Paradise Co, Sega Sammy Holdings","focusai_location":"South Korea, Incheon","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), marketing_crm (0.7), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on GGR\/NGR?","query":"What is the projected incremental GGR contribution from the Art Paradiso reopening to Paradise City's H2 2023 performance, and how does this align with broader IR recovery trends?"},{"label":"Casino Sales Drivers?","query":"Beyond the reported Q1 casino sales growth, what specific high-roller segment recovery or mass-market visitation trends are underpinning Paradise Co's performance relative to its South Korean foreigner-only casino peers?"}],"footnotes":""},"categories":[157,16338],"tags":[21639],"class_list":["post-777005126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-paradise-city"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777005126"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005126\/revisions"}],"predecessor-version":[{"id":777005148,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005126\/revisions\/777005148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/3142"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777005126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777005126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777005126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}