South Korea’s leading foreigner-only casino operator, Paradise Co., projects steady business growth in the coming years, forecasting that the firm’s sales volume will reach KRW1,322.6 billion ($952 million) by 2026.
The projection is based on the 1H24 results, as the company revealed that its estimated sales, including affiliates not subject to consolidated financial statements, are KRW569.9 billion ($410 million), with an operating profit of KRW91.2 billion ($66 million).
The projection was shared via a filing to the South Korea Stock Exchange on Wednesday.
Meanwhile, the company also plans to develop a new all-suite flagship hotel in Seoul. This move is part of a revamped strategy to attract more international high rollers to its properties, according to the company’s CEO, Choi Jong-hwan.
In its filing, Paradise Co. mentioned that the project aims to build a high-end hotel on a 13,950㎡ site near Jangchung-dong in the country’s capital, with construction expected to start in the fourth quarter of 2024 and the opening scheduled for 2028.
The estimated hotel construction cost is currently KRW500-550 billion ($360 million – $400 million).
According to reports from the previous day, the company held a press conference at the Paradise City gaming resort, announcing that Paradise Casino Walkerhill will open a new 383.31-square-meter space exclusively for VIP high roller games. The opening is scheduled for September this year.
Paradise Co.’s CEO notes that the company views the Chinese consumer segment as a key driver for future sales growth.
