• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 1 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

South Korea’s Paradise Co reports US$64 million profit in 2023 despite Q4 slowdown

Ben Blaschke by Ben Blaschke
Fri 16 Feb 2024 at 04:41
Age of Creation

Paradise City

6
SHARES
141
VIEWS
Print Friendly, PDF & Email

South Korea’s leading foreigner-only casino operator, Paradise Co, has reported a 441% increase in net profit to KRW84.7 billion (US$63.6 million) and a 118% increase in EBITDA to KRW228.8 billion (US$171.9 million) in 2023, aided by the performance of its casino operations.

That’s despite falling to a KRW5.70 billion (US$4.3 million) loss in 4Q23 – down from a profit of KRW43.7 billion (US$32.8 million) – on substantially higher costs.

Releasing its financial results for both the December 2023 quarter and FY23 on Thursday, Paradise revealed that casino sales jumped by 118% last year to KRW415.0 billion (US$311.8 million) while integrated resort sales climbed by 65.8% to KRW448.7 billion (US$337.1 million).

These included casino sales of KRW93.8 billion (US$70.5 million) in Q4, up 58.2% year-on-year but down 19.0% versus the September 2023 quarter. Integrates resort sales in Q4 grew by 14.5% year-on-year but declined by 13.0% sequentially to KRW115.4 billion (US$86.7 million). EBITDA in the December quarter fell by 17.4% year-on-year and by 55.0% sequentially to KRW34.7 billion (US$26.1 million).

In its 4Q earnings deck, Paradise said that cost of sales had grown by 32.2% year-on-year to KRW208.6 billion (US$156.7 million).

At the company’s 55%-owned integrated resort Paradise City in Incheon – a joint venture with Japan’s Sega Sammy Holdings – casino sales grew by 17.6% year-on-year but fell by 3.6% sequentially to KRW84.6 billion (US$63.6 million) in Q4. The property saw EBITDA drop by 43.8% year-on-year to KRW15.6 billion (US$11.7 million) while it fell to a net loss of KRW3.89 billion (US$2.9 million) for the quarter, reversing a KRW3.52 billion (US$2.6 million) gain in 4Q22.

Paradise noted, however, that 2023 operating profit of KRW4.69 billion (US$3.5 million) was an all-time high, while drop from both mass gaming and from Japanese VIPs – and hotel revenue of KRW100.4 billion (US$75.4 million) – also reached new highs.

Likewise, casino sales at the company’s fully-owned casinos in Seoul, Busan and Jeju grew by 58.2% year-on-year but fell by 19.0% sequentially to KRW93.8 billion (US$70.5 million). EBITDA grew by 70.7% year-on-year to KRW13.9 billion (US$10.4 million) while net loss narrowed by 18.3% to KRW7.54 billion (US$5.7 million). Paradise said that drop from mass gaming and from Japanese VIPs were both better than pre-COVID.

RelatedPosts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

Sat 31 May 2025 at 06:03
Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Wed 28 May 2025 at 06:58
Kangwon Land GGR up 3.8% year-on-year on higher VIP play

Kangwon Land to support local SMEs in entering global slot machines and gaming technology market

Wed 28 May 2025 at 06:09
Mass gaming segment drives sequential revenue growth for Korea’s Kangwon Land in 3Q24

Kangwon Land granted permission to increase minimum bets on blackjack and poker

Wed 21 May 2025 at 05:52
Load More
Tags: 2023casinocasino salesParadise CityParadise CoprofitSouth Korea
Share2Share
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English