South Korea’s Paradise Co posts rise in casino sales in March
Casino revenue was KRW80.95bn (US$55.3m).
South Korea.- Paradise Co has shared its financial results for March. It reported a 15.3 per cent month-on-month rise in casino revenue from KRW70.21bn to KRW80.95bn (US$55.3m). When compared year-on-year, revenue was up by 51.6 per cent.
Table-game sales were KRW76.88bn (US$52.6m), down 55.7 per cent year-on-year and 16.6 per cent sequentially. Machine game sales were KRW4.07bn (US$2.8m), down 1.3 per cent year-on-year but up 4.5 per cent compared to February results.
For the first three months of the year, the operator posted casino revenue of KRW222.92bn (US$152.4m), up 8.8 per cent year-on-year. 94.2 per cent of casino sales, KRW209.93bn (US$143.5m), was from table games, up 9.7 per cent from the prior-year period. Machine segment revenue declined 3.2 per cent to KRW12.99bn (US$8.9m).
For full-year 2024, the 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.
Paradise Co 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. It will cover 13,950 square metres. The cost of the development is estimated between KRW500 (US$360m) and KRW550 (US$400m).
Paradise Co aims to increase sales by more than 10%
Paradise Co has announced a target to increase its revenue “by more than 10 per cent” annually and raise its operating profit margin to over 20 per cent by 2027 as part of its “Value Up” plan to increase shareholder value.
The announcement was made during the 54th ordinary shareholders’ meeting at the Paradia Building in Gwangjin-gu, Seoul. Paradise Co also plans to gradually increase its dividend payout ratio based on its business performance and financial health. It will also reduce its treasury stocks as needed and aims to strengthen management through a board-centered approach and improve its environment, society, and governance efforts.
