Korea’s Paradise Co reported a 43.5% year-on-year increase in profit attributable to controlling interests to KRW20.9 billion (US$15.0 million) in the three months to 30 June 2025, aided by the strong performance of the casino at integrated resort Paradise City in Incheon. This was also enough to book a new all-time record in group-wide casino revenue to KRW229.8 billion (US$165 million).
Paradise operates three wholly-owned casinos in Seoul, Busan and Jeju, and holds a 55% interest in Paradise City – the remainder of which is owned by Japan’s Sega Sammy.
In its 2Q25 earnings presentation, Paradise revealed a 4.1% year-on-year and 0.4% quarter-on-quarter increase in sales to KRW284.5 billion (US$205 million), including a 15.9% year-on-year increase in sales at Paradise City to KRW152.3 billion (US$110 million). Casino sales at Paradise City grew by 25.0% to KRW128.2 billion (US$92.3 million), driven by improved drop amount and higher hold.
Hotel sales were, however, down 18.0% year-on-year to KRW20.2 billion (US$14.5 million). The company explained that occupancy was down due to greater competition in the MICE sector and fewer FIT (free independent travelers) for the quarter.
Paradise City reported Property EBITDA of KRW39.4 billion (US$28.4 million), up 57.3%, and net profit of KRW21.9 billion (US$15.8 million), up almost 360%.
The company’s other casinos did not perform as well, with net sales between them falling 8.5% year-on-year and 12.9% quarter-on-quarter to KRW104.3 billion (US$75.1 million) on a 10.0% decline in casino sales to KRW100.8 billion (US$72.6 million). Lower drop and hold were cited for the decline, particularly in Busan.
Group-wide, Paradise Co recorded an 18.7% year-on-year increase in EBITDA to KRW61.6 billion (US$44.4 million), although this was down 19.0 % quarter-on-quarter.
RelatedPosts
