Paradise Still Weighing Maison Glad Jeju, the Hotel That Houses Its Jeju Casino

Paradise Co has confirmed it is looking at a role in the sale of Maison Glad Jeju, but says neither the decision nor the terms are settled. The hotel already holds Paradise's Jeju casino on its ground floor, which makes this a question of who owns the building rather than a new market entry.

• Paradise Co told the Korea Exchange on Monday, 9 November, that it is reviewing investment participation in the Maison Glad Jeju acquisition, but has decided neither whether to buy nor on what terms
• The filing answered an Asia Today report published the same day on DL Group's difficulty selling its Glad hotels, and Paradise has set 8 December as the date for its next update
• Paradise Co runs its Paradise Casino Jeju Grand on the ground floor of Maison Glad Jeju, so any deal would give it a stake in the building that houses its Jeju gaming floor
• News1 reported on 4 June that Paradise was in exclusive talks and due diligence after signing a memorandum of understanding with DL Group, with a price of about ₩250 billion mentioned
• The approach follows a record third quarter at Paradise's four casinos and the ₩210 billion purchase of the Grand Hyatt Incheon West Tower in 2025

Paradise Answers a Report on DL Group's Glad Hotel Sale

In a clarification of a press report filed on Monday, 9 November, and classed as undecided, Paradise Co says it is reviewing participation as an investor in the Maison Glad Jeju acquisition transaction, but that nothing specific, including whether to acquire and the terms of the deal, has been decided. Paradise says it will disclose again once details are settled or within one month, and names 8 December 2026 as the re-disclosure date.

It was responding to an Asia Today article published the same day, headlined in translation "Despite a record boom, DL Group's sale of Glad Hotel runs into difficulty". Paradise gives no price, no counterparty and no timetable beyond the December update.

The talks are not new. News1 reported on 4 June that Paradise had entered exclusive negotiations after signing a memorandum of understanding with DL Group and was carrying out due diligence, with a price of about ₩250 billion, approximately $186 million, mentioned. It named the transfer of hotel staff as an open question. The Fact reported in February 2025 that DL Group, whose affiliate Glad Hotels & Resorts runs the brand, was taking offers for Maison Glad Jeju, Glad COEX and Glad Yeouido.

A Hotel Paradise Already Knows From the Inside

Paradise Casino Jeju Grand gives its address as 80 Noyeon-ro, Jeju City, on the ground floor of Maison Glad Jeju. It is one of four foreigner-only casinos Paradise reports together, with Walkerhill in Seoul, Busan and Paradise City in Incheon. Its 3 November disclosure put October revenue across the four at ₩82.1 billion, approximately $61 million, up 12.8% year on year, and January to October at ₩826.0 billion, up 10.9%, without a split by property.

Paradise's latest quarterly results, for the second quarter, showed consolidated revenue of ₩318.1 billion, up 11.8% year on year, with operating profit down 17.0% at ₩35.6 billion. First-half operating profit fell 27.2% to ₩72.9 billion, and third-quarter results had not been filed as of 9 November. In September 2025, subsidiary Paradise Sega Sammy agreed to buy the Grand Hyatt Incheon West Tower from KAL Hotel Network for ₩210 billion, approximately $156 million, a building-only deal on airport-owned land.

Owning the Building Is Defence as Much as Growth

DL has been trying to sell the Glad hotels since at least early 2025, so Maison Glad Jeju is likely to change hands sooner or later, and whoever buys it will own the building that houses Paradise's Jeju casino. A stake would give Paradise a say over that future and the chance to sell rooms and gaming together, the logic its 2025 filing gave for Incheon, which it said would strengthen its position as an integrated resort operator. Jeju is a contested and volatile market, as Jeju Dream Tower's 45% fall in September casino revenue showed, and a casino that does not control its building depends on the plans of whoever does.

The Wording Leaves Room for a Partnership

Paradise did not say it is reviewing an acquisition; it said it is reviewing investment participation in one. That leaves room for a structure in which another investor holds the property and Paradise takes a share, limiting the strain on a company whose operating profit fell 17.0% in the second quarter. It also means the ₩250 billion figure from June may not be Paradise's cheque to write.

The Clock Runs to 8 December

Paradise has reason to keep to its timetable. The Korea Exchange designated it an unfaithful disclosure corporation on 1 July for failing to disclose a ₩100 billion loan to Paradise Sega Sammy decided in March 2025, and fined it ₩8 million. A second lapse would be harder to explain.

Paradise has confirmed interest but committed to nothing. The 8 December filing should show whether this is a deal or a review that runs out of road.