South Korea’s biggest casino operator Paradise Co Ltd on Thursday recommended a final dividend of KRW375 (US$0.30) per share for the year ended December 31, 2015. It represents a dividend yield of 2.1 percent based on the present market price of the company’s stock.
The total dividend for full year 2015 amounts to approximately KRW31.94 billion, the company said in a filing to the Korea Exchange.
The payout – subject to approval at the firm’s shareholder meeting on March 25 – is expected to be paid on April 22, it added.
Paradise Co earlier this month reported a net profit of KRW65.3 billion for full 2015, a decline of 32.2 percent compared to 2014. Revenue for the full year totalled KRW615.4 billion, up by 11.5 percent from 2014.
The firm operates a network of five foreigners-only casinos located in three major cities in South Korea and on the country’s holiday island of Jeju.
The company is currently building a casino resort at Incheon, near the country’s capital Seoul. The operator has linked with Japanese pachinko operator Sega Sammy Holdings Inc, breaking ground in November 2014 on a site referred to as Paradise City. The project is presented in its official website as having a price ticket of KRW1.3 trillion.
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”We are moving rapidly as we execute on our strategy and the planned divestitures are well-progressed”
President and chief executive of casino equipment provider Scientific Games