South Korea’s Paradise Co casino revenue down in April
Casino sales were KRW71.1bn (US$50.7m) in April.
South Korea.- Paradise Co has shared its financial results for April. It’s reported a 13.1 per cent month-on-month decline in casino sales from KRW80.95bn to KRW71.1bn (US$50.7m). When compared year-on-year, sales were down by 12.7 per cent.
Table-game sales were KRW67.6bn (US$48.2m), down 11.9 per cent year-on-year and 13.2 per cent sequentially. Machine game sales were KRW3.5bn (US$2.56m), down 25.4 per cent year-on-year and down 11.8 per cent compared to March results.
The table drop was KRW609.4bn (US$434m), up 7.6 per cent from last year and up 3.5 per cent from March.
Paradise Co operates four casino venues: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City, near the main international airport serving Seoul. For the first four months of the year, casino sales were KRW295bn, up 3 per cent year-on-year. The drop was KRW2.3tn, up 0.3 per cent.
In April, the casino operator announced a target to increase its revenue by more than 10 per cent annually and its operating profit margin to over 20 per cent by 2027 as part of its “Value Up” plan to increase shareholder value. Paradise Co plans to gradually increase its dividend payout ratio based.
Paradise Co also plans to begin construction on a new hotel in Seoul with a target opening date in 2028. The 18-floor hotel will have approximately 200 suites and five basement levels offering services for foreign VIPs as part of a broader strategy to attract more international high-rollers. The cost of the development is estimated between KRW500 (US$360m) and KRW550 (US$400m).
