Korea’s leading foreigner-only casino operator Paradise Co reported a 7.0% year-on-year increase in group-wide sales to KRW283.3 billion (US$199.8 million) in 1Q25, buoyed by a 13.0% increase in casino sales at its Seoul, Jeju and Busan properties to KRW115.6 billion (US$81.5 million).
The improvement in casino sales came despite a 4.8% year-on-year decline in drop, with the results aided by significantly higher hold rate. As a result, Adjusted EBITDA grew by 11.7% year-on-year to KRW76.0 billion (US$53.6 million) and net profit by 16.6% to KRW43.1 billion (US$30.4 million).
The group-wide casino sales do not include “integrated resort” sales related to the company’s 55% stake in Paradise City in Incheon, which generated sales of KRW139.1 billion (US$98.1 million). Casino sales at Paradise City grew by 7.3% year-on-year to KRW110.1 billion (US$77.6 million), offsetting a very slight decline in hotel sales.
Adjusted EBITDA at Paradise City grew by 4.0% to KRW42.5 billion (US$30.0 million) and net profit by 13.6% to KRW25.5 billion (US$18.0 million).
According to information from the company, the improved casino results across its portfolio was driven by a quarterly record in mass market drop, while Chinese and Japanese VIPs were maintained at the prior year’s level.
Paradise Co recently announced a raft of initiatives aimed at enhancing its international tourism appeal – particularly for VIPs – including plans to develop a new all-suite flagship hotel in Seoul. The hotel is to open in 2028 and will stand 18 floors tall with around 200 suites offering premium services for foreign VIPs, luxurious Korean-style cuisine and wellness amenities.
It has also opened a new gaming space for high rollers at Paradise Walkerhill in Seoul and a new VIP lounge at Seoul’s Gimpo International Airport.
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