Paradise Co posts revenue of US$274.5m in 2022

The South Korean casino operator’s revenue was up 40.5 per cent year-on-year.

South Korea.- Paradise Co has shared its financial results for full-year 2022. It posted revenue of KRW350.68bn (US$274.5m), up 40.5 per cent compared with full-year 2021. The improvement included a 60.7 per cent year-on-year increase in revenue in December to KRW47.9bn (US$37.5m), up 21.6 per cent compared to the previous month.

Table game sales for December rose 25.8 per cent month-on-month, to just above KRW44.88bn (US$35m). Machine game sales were just under KRW2.99bn, down 19 per cent month-on-month. Table drop in December was 27.4 per cent higher than in November at KRW467.7bn (US$366m)

Paradise Co’s table game sales in 2022 were KRW319.44bn, a 40.9-per cent increase year-on-year. Machine game sales were KRW31.24bn, up 36.6 per cent from 2021. The firm’s casino drop – the amount paid by customers to purchase chips – was up 68.5 per cent year-on-year, at KRW2.88tn (US$2.25bn).

Paradise operates Paradise Walkerhill in Seoul, Jeju Grand, Busan Casino Paradise and Paradise City in Incheon.

In the third quarter, it reported a net profit attributable to shareholders of KRW39.37bn (US$28.7m), up 111.6 per cent from the previous quarter, and an operating profit of KRW38.35bn, compared with KRW4.81bn last year. Paradise Co said the rise was aided by a rebound in its casino business, helped by the return of Japanese VIP guests.