Paradise Co., a leading operator of foreigner-only casinos in South Korea, achieved total casino cumulative sales volume of KRW265.8 billion ($180 million) in the last quarter of 2024, a slight decrease of 0.9 percent compared to the previous quarter, but a 9.9 percent yearly jump.
The company operates several prominent casinos, including Walkerhill, Jeju, Incheon Paradise City, and Busan Casino. Paradise Co. now plans to enhance its appeal to international guests by developing a luxury hotel in Seoul and upgrading its VIP gaming areas.
Overall, Pacific Co, reported a total of KRW1.07 trillion ($737.1 million) in sales for the full year of 2024, marking a 10.2 percent increase from 2023.
Operating income for Q4 2024 was KRW19.5 billion ($13.1 million), a significant decline of 46.3 percent from the preceding quarter’s KRW36.2 billion ($24.1 million). Year-on-year, however, operating income rose by 32.1 percent from a loss of KRW14.7 billion ($9.8 million) in Q4 2023.
The company reported a net income from continuing operations before income tax of KRW16.5 billion ($11 million) for Q4, a decrease of 20.7 percent from Q324, but a turnaround from a loss of KRW14.7 billion ($9.8 million) in the same quarter of last year.
Paradise Co. achieved a net income of KRW30.1 billion ($20.1 million) in Q4 2024, a 53.1 percent increase from KRW19.7 billion ($13.2 million) in the previous quarter, and a turnaround from a loss of KRW102 million ($68,000) in Q4 2023.
The net income attributable to shareholders of the parent company was KRW21.4 billion ($14.3 million) for 4Q24, skyrocketing by 117.6 percent from KRW9.8 billion ($6.7 million) in Q3 and reversing a loss of KRW9.1 billion ($6.1 million) from the same quarter last year.
In addition to its financial performance, Paradise Co. announced its decision on year-end dividends. The company will distribute cash dividends of KRW150 ($0.10) per share, resulting in a total dividend payout of approximately KRW12.9 billion ($8.6 million).
The market price-dividend ratio is 1.5 percent. The record date for dividends is set for December 31st, 2024, with the scheduled payout date on April 25th, 2025. A shareholders’ meeting is planned for March 28th to discuss these matters.
