Paradise confirms interest in proposed Maison Glad Jeju investment
Deals & M&A2 min read
Paradise Co said in a regulatory filing that it was considering investing in the proposed acquisition of Maison Glad Jeju, but had made no decision on the deal or its terms. The company said it would disclose further details when decided or within one month.
An investment tied to the proposed purchase of Jeju island hotel Maison Glad Jeju is under consideration by South Korean casino operator Paradise Co Ltd, the company confirmed. Neither the acquisition nor the terms of a possible transaction had been decided, it said in a regulatory filing.
A memorandum of understanding on the proposed acquisition, signed in April, was extended by Paradise Group and DL Group while price and other terms remained under negotiation, The Bell reported in September. The report said Paradise Co was collaborating with Koramco Asset Management on the potential deal, with the parties aiming to complete it before the end of 2026. The disclosure responded to a same-day report by Asia Today about DL Group’s difficulties selling its Glad hotel assets.
The casino firm runs four foreigner-only casinos in South Korea, including venues in Jeju, Seoul, Busan and Incheon. In January, the company completed its KRW210.0-billion purchase of the West Wing of the Grand Hyatt Incheon, next to Paradise City, which it runs with Japan’s Sega Sammy Holdings Inc. The acquired property was later renamed Hyatt Regency Incheon Paradise City, adding enough capacity to raise the rooms available to Paradise City by 65.1 percent to 1,270. Paradise Co previously said the investment aimed to improve its competitive standing as an integrated resort operator and support rising demand from overseas tourists.
Paradise Co said it would disclose further details when they were decided or within one month.