Korea’s Paradise Co recorded a 7.5% year-on-year and 1.3% quarter-on-quarter increase in revenue to KRW288.2 billion (US$198 million) in 3Q25, aided by all-time record drop at integrated resort Paradise City and high hold at its other casinos in Seoul, Busan and Jeju.
Paradise City – a joint venture with Japan’s Sega Sammy Holdings of which Paradise holds a controlling 55% stake – saw revenue rise 2.3% year-on-year to KRW149.9 billion (US$102 million) including a 6.1% increase in casino revenue to KRW117.0 billion (US$80.3 million). The company explained that drop amount exceeded KRW1 trillion (US$687 million), up 9.9% year-on-year, although hold rate declined which impacted profitability.
As a result, EBITDA at Paradise City fell 16.9% year-on-year and 21.0% quarter-on-quarter to KRW31.2 billion (US$21.4 million), while net profit was up 5.3% year-on-year but down 12.3% sequentially to KRW19.2 billion (US$13.2 million). The property saw hotel revenue fall 9.4% year-on-year to KRW26.6 billion (US$18.3 million).
At the company’s other, wholly-owned casinos, total revenue grew 16.6% year-on-year and 2.2% quarter-on-quarter to KRW106.7 billion (US$73.3 million) including casino revenue of KRW100.4 billion (US$68.9 million), up 18.9% year-on-year. EBITDA grew 109% year-on-year to KRW17.5 billion (US$12.0 million) with net profit of KRW7.74 billion (US$5.3 million) reversed a loss in 3Q24.
Paradise said the majority of revenue was driven by its Seoul casino Paradise Walkerhill, while a significant improvement in hold rate aided profitability.
The company’s strong Q3 performance was, data indicates, largely driven by the mass market.
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