Paradise Co posts casino revenue in 2024
The South Korean casino operator’s revenue was up 10.2 per cent year-on-year.
South Korea.- Paradise Co has shared its financial results for the full year 2024. It 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.
For December, Paradise Co reported a 1.4 per cent month-on-month decline in casino revenue from KRW71.7bn (US$48.8m) to KRW70.7bn (US$48.2m). When compared year-on-year, revenue was up by 11.7 per cent.
Machine game sales were KRW3.7bn (US$2.54m), down 16 per cent month-on-month and 16.1 per cent year-on-year. Table-game sales were up 13.8 per cent year-on-year but down .05 per cent sequentially at KRW67bn (US$5.7m).
The table drop, the amount of cash exchanged for chips by patrons at the table, was KRW540.94bn (US$367m), down 6.5 per cent when compared to the previous month and 7 per cent in year-on-year terms.
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.
Paradise City was the largest monthly contributor of casino revenue to the operator, with KRW36.59bn (US$24.85m), up 4.0 per cent sequentially and 30.6 per cent year-on-year. Walkerhill was the second-biggest monthly casino revenue contributor, with KRW26.51bn (US$18.09m). That’s a decline of 12.2 per cent sequentially and 9.9 per cent year-on-year.
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.
Choi Jong-hwan, Paradise Co’s chief executive, said: “This expansion will bring us a critical opportunity to secure both physical infrastructure and high-roller customers, enabling us to gain significant competitive advantage as a leading casino operator.
“Paradise Group will continue to enhance VIP-exclusive facilities and service competitiveness across all locations, and we are committed to transforming into a smart casino by adopting new digital technologies, solidifying our position as a first mover in the market.”
