Paradise Strengthens Emergency Management from July 1... 20% of Executives to Resign

Temporary Closure of Some Facilities Including Cimer, Wonderbox, and Art Paradiso
Hotels & Resorts, Casinos, Conventions, and Plazas Operating Normally
"Strengthening Contactless Services, Efforts to Explore New Customer Channels"

[Asia Economy Reporter Kim Heung-soon] Paradise Group is entering an enhanced emergency management system by reducing 20% of its executives and expanding paid and unpaid leave in response to the prolonged COVID-19 pandemic.

Paradise Group announced on the 25th that it will implement this plan starting July 1 to improve organizational efficiency. Accordingly, 20% of the group’s executives will step down, and the company plans to expand paid and unpaid leave for employees.

In the case of Paradise City, a management briefing session was held for executives and employees to explain the current company situation and emergency measures, while considering voluntary retirement and long-term unpaid leave.

Following the government’s social distancing guidelines, some facilities within Paradise City such as 'Cimer', 'Wonderbox', and 'Art Paradiso' will temporarily close. 'Paradise Hotel & Resort', 'Paradise Casino', 'Convention', and 'Plaza' will operate normally.

Since February, Paradise Group’s entire executive team has returned 30-50% of their salaries, and paid and unpaid leave for employees has been implemented. Foreigner-only casinos operating in four domestic locations?Seoul, Incheon, Busan, and Jeju?were closed from March 24 to April 19.

Due to reduced flights, Paradise Casino’s sales in April decreased by 86.1% compared to the same month last year, and by 51.2% in May. Second-quarter sales are expected to decline by 75% year-on-year.

Paradise Group plans to strengthen non-face-to-face services and seek new customer acquisition channels such as expanding premium mass segments. Additionally, ahead of the peak summer season, the group aims to target the 'Hokance (hotel + vacation)' demand by launching products that leverage the advantages of various nature-friendly outdoor spaces.

A Paradise Group official said, "With the global casino industry facing a collapse crisis due to the COVID-19 pandemic, entering an emergency management system is inevitable. We will make company-wide efforts to overcome the crisis until the situation stabilizes and travel demand recovers."

This content was produced with the assistance of AI translation services.