• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 25 July 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

Korea’s INSPIRE launches industry-first KakaoMap indoor map service to simplify property navigation

Korea’s INSPIRE launches industry-first KakaoMap indoor map service to simplify property navigation

Thu 24 Jul 2025 at 10:35
Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners said to be eying Crown Resorts to run casino at Queen’s Wharf Brisbane if takeover talks succeed

Fri 18 Jul 2025 at 11:11
Melco awarded 20-year license to operate City of Dreams Sri Lanka

Bollywood star pulls out of City of Dreams Sri Lanka opening but flagship event to continue as planned

Fri 18 Jul 2025 at 05:51
SJM and Macau police hold large-scale drill simulating casino robbery

SJM and Macau police hold large-scale drill simulating casino robbery

Thu 17 Jul 2025 at 12:37
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

by Ben Blaschke
Fri 25 Jul 2025 at 12:34

Malaysian investment bank Maybank has warned that the threat of a total ban on the Philippines’ domestic online gaming, or eGames, sector is real given that political noise is similar to before recent bans on eSabong and POGOs. While Maybank...

MGTO says no apparent impact on visitor numbers from limitation on provision of free snacks in Macau casinos

Macau visitor arrivals rise 13.3% year-on-year to 2,891,003 in June

by Pierce Chan
Fri 25 Jul 2025 at 05:45

According to data from Macau’s Statistics and Census Service (DSEC), a total of 2,891,003 visitors arrived in Macau in June, representing a year-on-year increase of 13.3%. Mainland China remained the primary source of visitors to Macau in June, with 1,995,627...

Philippines IRs see combined GGR fall 10.6% to US$778 million in 2Q25

Philippines IRs see combined GGR fall 10.6% to US$778 million in 2Q25

by Ben Blaschke
Thu 24 Jul 2025 at 17:43

The Philippines’ integrated resorts generated gross gaming revenues of Php93.4 billion (US$1.65 billion) in the first six months of the year, accounting for around 43.4% of the local gaming industry’s GGR according to information from Alejandro Tengco – the Chairman...

Pitch! lands at iconic Sydney Opera House for Regulating the Game 2026

Pitch! lands at iconic Sydney Opera House for Regulating the Game 2026

by Newsdesk
Thu 24 Jul 2025 at 14:49

Pitch! @RTG, the dynamic innovation showcase of the Regulating the Game conference, returns on 10 March 2026 with even more energy, impact and ingenuity - elevating its platform in the breathtaking Yallamundi Rooms at the iconic Sydney Opera House. Designed...

Your browser does not support the video tag.


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