Paradise Co Confirms Interest in Maison Glad Jeju Acquisition Without Reaching Final Decision

South Korean casino operator Paradise Co Ltd has confirmed it is considering an investment linked to the proposed acquisition of Maison Glad Jeju hotel on the resort island of Jeju.

The company made the disclosure in a regulatory filing on Monday, stating that no decision had been made on the acquisition or the terms of any potential transaction. Paradise Co added it would issue a further disclosure once specifics are decided or within one month. The filing responded to a report the same day by South Korean newspaper Asia Today on difficulties DL Group faces selling its Glad hotel assets.

Deal History and Synergy Potential

Brokerage KB Securities flagged the potential acquisition in May, suggesting an investment in the hotel could generate synergies with Paradise Co's existing casino operations on the island. Maison Glad Jeju has approximately 510 rooms and underwent extensive refurbishment in 2019. The property sits about 15 minutes by road from Paradise Casino Jeju, the operator's foreigner-only gaming venue.

The hotel was valued at approximately KRW605 billion (US$405.3 million) during earlier acquisition discussions in 2024. According to reporting by The Bell in September, Paradise Group and DL Group extended a memorandum of understanding signed in April as pricing and other terms remained under negotiation. The parties are working with Koramco Asset Management and targeting completion before the end of 2026.

Paradise Co's Broader Hotel Portfolio Moves

Paradise Co operates four foreigner-only casinos in South Korea, including Paradise Casino Jeju, Paradise Walkerhill Casino in Seoul, Paradise Casino Busan, and the casino at Paradise City in Incheon. In January the company completed the KRW210.0-billion acquisition of the West Wing of the Grand Hyatt Incheon, adjacent to its Paradise City complex. The acquired property, rebranded as Hyatt Regency Incheon Paradise City, increased the accommodation inventory available to Paradise City by 65.1 percent to 1,270 rooms. The operator has described the investment as strengthening its position as an integrated resort operator and supporting growth in demand from overseas tourists.

This report draws from coverage by GGRAsia.