Paradise confirms interest in Maison Glad Jeju hotel investment, no decision yet

South Korean casino operator Paradise Co Ltd has confirmed it is considering participating in an investment related to the proposed acquisition of Maison Glad Jeju, a hotel on the country’s southern resort island of Jeju. The company said in a regulatory filing on Monday that no decision had been made regarding the acquisition or the terms of any potential transaction. The disclosure was issued in response to a report published the same day by South Korean newspaper Asia Today, concerning difficulties faced by DL Group in selling its Glad hotel assets. Paradise Co said it would make a further disclosure once specific details had been decided, or within one month. The potential acquisition of Maison Glad Jeju had previously been flagged by brokerage KB Securities in May, when it suggested that an investment in the hotel could generate synergies with Paradise Co’s existing casino operations on the island. As reported by GGRAsia at the time, Maison Glad Jeju has approximately 510 rooms and underwent extensive refurbishment in 2019. The property is located about 15 minutes by road from Paradise Casino Jeju, a foreigner-only gaming venue operated by Paradise Co. The hotel had been valued at approximately KRW605 billion (US$405.3 million) during earlier acquisition discussions in 2024, according to the May brokerage commentary. South Korean financial news outlet The Bell reported in September that Paradise Group and DL Group had extended a memorandum of understanding signed in April concerning the proposed acquisition, as negotiations over pricing and other transaction terms continued. According to that report, Paradise Co was working with Koramco Asset Management on the potential transaction, with the parties targeting completion before the end of 2026. The casino firm 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. Paradise Co has also been expanding its hotel capacity in Incheon. In January, the company completed the KRW210.0-billion acquisition of the West Wing of the Grand Hyatt Incheon hotel, adjacent to its Paradise City complex, which it operates in partnership with Japan’s Sega Sammy Holdings Inc. The acquired property, subsequently rebranded Hyatt Regency Incheon Paradise City, increased the accommodation inventory available to Paradise City by 65.1 percent, to 1,270 rooms. Paradise Co previously said the investment was intended to strengthen its competitive position as an integrated resort operator and support growth in demand from overseas tourists.