South Korea’s Paradise Co posts rise in casino sales
The casino operator posted casino sales of KRW265.8bn (US$180m) for the last quarter of 2024.
South Korea.- Paradise Co has shared its financial results for the three months to December 31. The operator reported casino sales of KRW265.8bn (US$180m), up 9.9 in year-on-year terms but down 0.9 per cent when compared to the previous quarter.
Operating income was KRW19.5bn (US$13.1m), down 46.3 percent quarter-on-quarter but up 32.1 per cent year-on-year from a loss of KRW14.7bn (US$9.8m) in the fourth quarter of 2023. Net income from continuing operations before income tax was KRW16.5bn (US$11m), down 20.7 per cent sequentially but up from a loss of KRW14.7bn (US$9.8m) in 2023.
Net income attributable to shareholders of the parent company was KRW21.4bn (US$14.3m). That’s a rise of 117.6 per cent in quarter-on-quarter terms and of 45 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 main international airport serving Seoul.
For full-year 2024, the casino operator 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.
In 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.
