Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, says it plans to increase its revenue “by more than 10 percent” annually through to 2027.
That is part of its “plan to increase corporate value” for investors – also referred to by Paradise Co as its “Value Up” plan, according to a statement issued by the casino group.
The company’s full-year sales in 2024 reached approximately KRW1.07 trillion (US$728.7 million), up 7.8 percent year-on-year. Its operating income for the full year however declined by 6.7 percent year-on-year to KRW136.1 billion.
Paradise Co’s full-year 2024 casino revenue had been KRW818.79 billion, up 10.2 percent from 2023.
Paradise Co is now stating in a filing that it would operate with a single chief executive, rather than under a co-CEO arrangement that had been mentioned in a March 2024 filing to the Korea Exchange.
Choi Jong Hwan, who had been appointed as co-CEO in March last year, remains as the single CEO.
The announcement said Choi Seong Wook had resigned “due to the expiration” of his term in office.
Paradise directly runs three casino venues: Walkerhill in the South Korean capital, Seoul; Paradise Jeju on Jeju island; and a property in the port city of Busan. It has a joint venture with Japan’s Sega Sammy Holdings Inc for the Paradise City resort at Incheon, outside Seoul.
Under the fresh business plan, Paradise Co would also aim for “operating margins in the high 20s of percent.”
In addition, Paradise Co will gradually increase its dividend payout ratio and retire its outstanding shares “in line with its financial situation”.
Paradise Co is scheduled to pay on April 25 a year-end cash dividend of KRW150 per unit of common stock, up from a KRW100 dividend per share in 2023.
In the presentation filed by Paradise Co on its investor relations portal, the firm also mentioned aims to: “increase customer acquisition and loyalty with data-driven customer experience optimisation”; “generate new customers”; including “VVIP customers”; “optimise costs by improving operational efficiency”; and aims for “accelerating digital transformation through IT modernisation”.
On March 12, Paradise Co announced a plan to invest KRW575.0 billion to build a new hotel in eastern Seoul’s Jangchung neighbourhood. The aim is for the new hotel to open in 2028, stated the firm in a filing to the Korea Exchange. It did not clarify if the new hotel would have a casino.
