Korea’s leading foreigner-only casino operator Paradise Co says it is targeting a 10% annual sales growth rate and an operating profit rate of more than 20% through 2027 as part of a “Corporate Value-Up Plan” aimed at enhancing value for shareholders.
According to information filed with the Korea Exchange, the company will also look to continuously expand shareholder returns via dividends and treasury stock and will focus on enhancing its governance structure through “strengthening board-centered management, systematizing ESG activities and sophisticated IR activities”.
In a separate filing, Paradise revealed that it will no longer operate under a co-CEO model, with Choi Seong-wook tendering his resignation following the expiry of his term. That leaves Choi Jong-hwan as the company’s sole CEO.
Paradise, which operates casinos in Seoul, Busan and Jeju and is the majority shareholder in a joint venture partnership with Japan’s Sega Sammy Holdings that runs the Paradise City integrated resort in Incheon, has recently outlined a series of ambitious growth plans aimed at luring international VIPs to its properties.
These include development of a new US$400 million Seoul hotel, scheduled to open in 2028 and standing 18 floors tall, with around 200 suites and offering premium services for foreign VIPs, luxurious Korean-style cuisine and wellness amenities.
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