South Korea’s Paradise Co casino revenue rises in May
Casino sales were KRW83.54bn (US$61.1m) in May.
South Korea.- Paradise Co has shared its financial results for May. It’s reported casino sales of KRW83.54bn (US$61.1m). That’s a rise of 24.2 per cent month-on-month and 10.3 per cent year-on-year.
Table-game sales were KRW78.9bn (US$57.7m), up 10.1 per cent year-on-year and 23.9 per cent sequentially. Machine game sales were KRW4.67bn (US$3.42m), up 13.7 per cent year-on-year and 30.2 per cent compared to April.
The table drop was KRW644.2bn (US$472m), up 6.4 per cent from last year and up 5.7 per cent from April.
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 five months of the year, casino sales were KRW376.6bn (US$276m), up 3.9 per cent year-on-year. The drop was KRW2.95tn, up 1.6 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).
