Paradise Co aims to increase sales by more than 10%
The South Korean casino operator’s revenue was up 10.2 per cent year-on-year in 2024.
South Korea.- Paradise Co has announced a target to increase its revenue “by more than 10 per cent” annually and raise its operating profit margin to over 20 per cent by 2027 as part of its “Value Up” plan to increase shareholder value.
The announcement was made during the 54th ordinary shareholders’ meeting at the Paradia Building in Gwangjin-gu, Seoul. Paradise Co also plans to gradually increase its dividend payout ratio based on its business performance and financial health. It will also reduce its treasury stocks as needed and aims to strengthen management through a board-centered approach and improve its environment, society, and governance efforts.
Choi Jong-hwan, Paradise Co’s chief executive, said, “Last year was a year in which we achieved meaningful results despite uncertain economic conditions both domestically and internationally. This year, we plan to prioritise increasing corporate value and focus on securing financial soundness and strengthening the competitiveness of our core business.”
It was also announced that Park Hyeon-cheol, an outside director, has been reappointed and Ko Jeong-hyeon, an outside director, and Park Jong-hoon, an inside director, have been newly appointed.
For full year 2024, Paradise Co posted casino revenue of KRW818.7bn (US$558.5m), up 10.2 per cent from KRW742.9bn (US$506.7m) in 2023. Table game revenue was KRW766.7bn (US$523.2m), up 10.2 per cent in year-on-year terms. Machine game revenue was up 9.7 per cent to KRW52bn (US$35.5m). The table drop for full-year 2024 was KRW6.87tn (US$4.66bn), a rise of 11.3 per cent.
Paradise Co operates four venues in its casino division: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City, near the primary international airport serving Seoul.
Last November, Paradise Co opened a new space for high-rollers at Paradise Casino Walkerhill in Seoul. According to the company, the space is reserved for the top 1 per cent of patrons. The company described it as having an elegant Art Deco design with seven private rooms, a lounge and a bar, offering “personalised high-end services and an elevated gaming experience.”
The casino’s first expansion in nine years increased its size by 17 per cent, from 3,934.60 to 4,587.26 square metres. There are now 112 table games and 213 machine games. The casino operator said it expects sales in the new VIP venue to reach KRW22bn (US$16.6m) in 2025 and KRW32bn (US$24.18m) in 2026.
