South Korean foreigner-only casino operator Paradise Co. reported a significant rise in casino revenue for March, reaching KRW80.95 billion ($55.3 million).
This represents a 51.6 percent increase compared to the same period last year and a 15.3 percent rise from February.
The growth was primarily driven by the table gaming segment, which saw revenue increase by 55.7 percent year-on-year to KRW76.88 billion ($52.6 million). Meanwhile, revenue from gaming machines remained relatively stable at KRW4.07 billion ($2.8 million), reflecting a 1.3 percent increase from March 2024 but a 4.5 percent decline from February.
For the first quarter of 2025, Paradise Co. reported total casino revenues of KRW222.91 billion ($152.4 million), an 8.8 percent year-on-year increase. Table gaming revenue contributed to this growth, rising 9.7 percent to KRW209.93 billion ($143.5 million), while machine segment revenue declined 3.2 percent to KRW12.99 billion ($8.9 million).
Paradise Co. operates three casino venues: Walkerhill in Seoul, Paradise Jeju on Jeju Island, and a property in Busan. Additionally, it has a joint venture with Japan’s Sega Sammy Holdings Inc. for the Paradise City resort in Incheon.
To further appeal to international guests, the company is investing in a luxury hotel project in Seoul, with an estimated cost of $400 million and an expected opening in 2028. The initiative aligns with its strategy to enhance VIP gaming areas and strengthen its offerings for high-value guests.
Value up plan
Paradise Co. recently introduced its “Value Up” plan, aiming for an annual revenue increase of more than 10 percent through 2027. Under this initiative, the company seeks to achieve operating margins in the high 20 percent range.
Additionally, Paradise Co. plans to gradually increase its dividend payout ratio and retire outstanding shares in accordance with its financial position. As part of this approach, the company will issue a year-end cash dividend of KRW150 ($0.1) per common share on April 25th, up from KRW100 ($0.068) in 2023.
