Paradise Co Q1 profit drops after hotel acquisition
Revenue was up slightly in the first quarter.
South Korea.- Paradise Co Ltd has reported a 34.9 per cent year-on-year drop in first-quarter operating profit due to KRW37.31bn (US$25.7m). The decline was mainly due its acquisition of the Hyatt Regency Incheon Paradise City hotel near its Paradise City resort.
Q1 revenue rose 3.8 per cent to KRW293.97bn (US$202.6m), supported by KRW6.1bn (US$4.2m) from the newly consolidated hotel. Casino operations accounted for 78 per cent of the total at KRW228.86bn (US$157.8m).
Casino sales at Paradise City increased 2.4 per cent to KRW112.73bn (US$77.7m), while the group’s other casinos in Seoul, Jeju and Busan saw a 0.5 per cent rise to KRW116.13bn (US$80.1m).
Operating expenses climbed 13.6 per cent year-on-year. EBITDA fell 24.4 per cent to KRW57.53bn (US$39.7m), and net profit dropped 56.3 per cent to KRW18.85bn (US$13m).
More recently, April casino sales reached KRW87.92bn (US$60.6m), up 80.6 per cent from March and 30.7 per cent year-on-year. For the first four months of 2026, casino revenue stood at KRW316.81 billion (US$218.4m), up 8.2 per cent.
