South Korean foreigner-only casino operator Paradise Co reported a solid performance in the first quarter of 2025, with total revenue reaching KRW283.3 billion ($199 million), representing a 7 percent year-on-year increase. Operating profit also climbed 18.3 percent year-on-year to KRW57.3 billion ($40 million).
The company’s casino business—which includes operations in Seoul, Busan, Jeju, and Incheon—generated quarterly revenue of KRW223.4 billion ($157 million), up 9.3 percent year-on-year. This marks the highest quarterly revenue ever recorded for its casino segment, despite a 2 percent year-on-year decrease in drop amount to KRW1.69 trillion ($1.2 billion). The growth was driven by an improved hold rate, which rose by 1.4 percentage points compared to the same period last year.
According to the company’s financial results released Monday on the company’s website, VIP drop from Chinese and Japanese players remained steady compared to the previous year, while mass market drop reached a new quarterly high, rising 1 percent year-on-year.
Revenue from integrated resort (IR) operations increased 5.2 percent year-on-year, despite a modest rise in drop amount and a boosted by a 0.5 percentage point improvement in the hold rate.
However, the hotel and resort (H&R) segment saw a revenue decline of 7.6 percent year-on-year, falling to KRW24.3 billion ($17.1 million). The company attributed the downturn to weak domestic demand, which offset the positive impact of increased foreign tourist arrivals.
