Paradise Co Ltd, an operator of foreigner-only casinos in South Korea, reported net income attributable to shareholders of KRW20.88 billion (US$15.1 million) for the three months to June 30, a 43.5-percent increase from a year earlier.
Revenue for the second quarter of 2025 rose by 4.1 percent year-on-year, to KRW284.46 billion, according to a Thursday filing to the Korea Exchange
Second-quarter earnings before interest, taxation, depreciation, and amortisation (EBITDA) increased by 18.7 percent year-on-year to KRW61.60 billion.
Group-wide casino sales in the reporting quarter amounted to nearly KRW100.78 billion, down 10.0 percent from a year ago.
Paradise Co attributed the lower casino sales to a 3.6-percent year-on-year decline in drop amount, and a lower hold rate compared to a year ago.
Casino-sales numbers were for the three gaming venues Paradise Co runs directly: Walkerhill (pictured) in Seoul; Paradise Jeju, on Jeju island; and a property in the port city of Busan.
The company said sales from “integrated resort” operations – from its venture with Japan’s Sega Sammy Holdings Inc at the Paradise City resort at Incheon – increased 15.9 percent from the prior-year period, to about KRW152.34 billion.
The bulk of the sales were generated from casino operations. Such sales in the reporting quarter amounted to nearly KRW128.20 billion, up 25.0 percent year-on-year.
Paradise City saw an increase in both the drop amount and hold rate in the three months to June 30, stated the company.
Paradise City’s second-quarter EBITDA reached KRW39.44 billion, a 57.3-percent year-on-year increase.
Paradise City in early July signed an agreement with Shilla Duty Free, a major South Korean retail chain, to boost business from overseas customers.
In mid-March 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.
The casino firm also said 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.
