Paradise Co, South Korea’s prominent foreigner-only casino operator, achieved remarkable financial success in 2023, witnessing a substantial 113% surge in casino revenues. The impressive year-end results, including a notable increase in December casino revenues and table drop, solidify Paradise Co’s position as a key player in the South Korean gaming industry.
Stellar Annual Performance:
Paradise Co reported a significant 113% increase in casino revenues for the year 2023, reaching an impressive KRW744.2 billion (US$567 million). This robust performance underscores the company’s resilience and success in navigating the challenges posed by the global landscape.
December Revenue Surge:
December proved to be a standout month for Paradise Co, with casino revenues experiencing a remarkable 17.9% month-on-month and 37.9% year-on-year increase. The total December casino revenues amounted to KRW64.6 billion (US$49.3 million), with KRW60.1 billion (US$45.8 million) generated from table games.
Table Games Driving Growth:
The strong performance in December was primarily fueled by table games, contributing significantly to the overall revenue surge. The robust table drop of KRW581.5 billion (US$443 million) in December marked a 6.6% month-on-month increase and an impressive 24.3% surge year-on-year.
Diverse Casino Portfolio:
Paradise Co operates four casinos across South Korea, including the integrated resort Paradise City in Incheon – a strategic joint venture with Japan’s Sega Sammy. The company’s diversified portfolio, with additional casinos in Seoul, Busan, and Jeju, has contributed to its resilience and overall success.
Record Quarter in 3Q23:
The stellar performance in 2023 follows Paradise Co’s record quarter in 3Q23, where the company achieved all-time highs in group-wide revenues, EBITDA, and operating profit. These milestones underscore the company’s ability to navigate market dynamics effectively.
Paradise Co’s exceptional performance in 2023, culminating in a substantial 113% increase in casino revenues, reflects its resilience and strategic positioning in South Korea’s gaming landscape. The robust December figures, particularly in table games, showcase the company’s ability to adapt to changing market conditions and capitalize on opportunities for growth. As a leading player in the foreigner-only casino segment, Paradise Co continues to demonstrate its commitment to excellence and financial success.