Paradise Co's quarterly casino sales marginally down

February 13, 2025

Paradise Co's quarterly casino sales marginally down

South Korea’s leading foreigner-only casino operator, Paradise Co., has reported a slight decline in the quarterly casino sales volume.

For the fourth quarter, the operator registered a total casino sales volume of KRW 265.8 billion (approximately $180 million), marking a minor 0.9 percent decrease compared to the previous quarter. However, the figures are up 9.9 percent from the corresponding period last year.

Despite the minor dip in quarterly sales, Paradise Co. reported that total sales for 2024 reached KRW 1.07 trillion, jumping 10.2 percent compared to 2023. For the quarter, operating income reported was KRW 19.5 billion, falling 46.3 percent from the previous quarter.

Net income for the quarter was KRW30.1 billion. This marks a 53.1 percent increase from the previous quarter and a turnaround from a loss of KRW102 million in the corresponding year.

The operator has announced the distribution of cash dividends of KRW150 per share, resulting in a total dividend payout of approximately KRW12.9 billion. The market price-dividend ratio stands at 1.5 percent. The scheduled payout date for dividends is 25 April 2025.

January numbers

In January, Paradise Co reported casino revenue of KRW 70.4 billion (€47.9 million), marking a 2.3 percent decline compared to the same period last year. However, the figure showed a modest 1.0 percent increase from December, according to a filing with the Korea Exchange.

The company’s table games revenue slightly decreased by 0.4 percent from December, amounting to KRW 65.8 billion. In contrast, machine gaming revenue experienced a significant rise of 24.5 percent, reaching KRW 4.65 billion.

The total amount wagered on table games, or table drop, stood at KRW 579.4 billion, reflecting a 7.1 percent sequential increase and a 1.8 percent year-on-year growth. But, an overall slowdown was evident.

Paradise Co has not provided specific reasons for the 2.3 percent year-on-year decline in January 2025 casino revenue. Fluctuations in monthly revenue can result from various factors, including seasonal variations, economic conditions, and shifts in customer preferences. One major reason could be disruptions caused by Lunar New Year celebrations.

Financial figures of 2024

The operator had a good last year, financially, achieving a 10.2 percent increase in annual casino revenue for 2024. Paradise Co’s annual casino revenue reached KRW818.7 billion (€541 million). This performance followed strong growth in table game revenue and a modest rise in machine gaming income.

While December revenue dropped slightly by 1.4 percent from November, the year-on-year growth for the month stood at 11.7 percent. Table games remained the primary contributor, generating KRW67 billion (€44.9 million) in December, which marked a 13.8 percent annual increase despite a small decline from the previous month. However, machine gaming revenue showed a double-digit decline for both the monthly and yearly comparisons.

In July last year, Paradise Co said it anticipates nearly €900 million in sales by 2026. The company projects sales to rise from KRW1.17 trillion in 2024 to KRW1.32 trillion by 2026. This growth is driven by efforts to expand its international customer base and enhance its offerings.

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