Sales and Operating Profit Increased Compared to Pre-COVID... Paradise Achieved Record High Performance Last Year

Operating Profit 145.8 Billion KRW... 1300% Increase YoY
Sales Rise 69.2% to 994.2 Billion KRW
Casino Japan VIP Demand Grows and Resort Also Strong
Growth Expected to Continue with Strengthened China Marketing This Year

Paradise recorded its highest-ever performance last year as both foreign casinos and integrated resorts showed strong results, driven by a simultaneous increase in demand from Japanese tourists and hotel vacations (hotel + vacation).

Paradise announced on the 15th that its consolidated operating profit last year was tentatively estimated at 145.8 billion KRW, a 1299.9% increase from 10.4 billion KRW the previous year. Revenue rose 69.2% to 994.2 billion KRW, and net profit increased 435.5% to 84.7 billion KRW.

Paradise City view in Yeongjongdo, Incheon [Photo by Paradise]

The normalization of casinos and integrated resorts appeared to drive overall revenue growth. Compared to 2019, before the outbreak of COVID-19, revenue increased by 2%, and operating profit rose by 181%, achieving the highest performance ever.

By segment, the combined revenue of Paradise’s four casinos (Seoul Walkerhill, Busan, Jeju Grand, and Incheon Paradise City) was 743 billion KRW, a 113% increase from the previous year. The drop amount (the amount customers paid to purchase chips) at these venues last year reached 6.1733 trillion KRW. Among this, the drop amounts from Japanese VIP and mass (general customers) were 2.7962 trillion KRW and 1.2999 trillion KRW respectively, marking record highs. The resort segment recorded revenue of 120.8 billion KRW, a 7% increase from the previous year, as domestic hotel vacation demand flowed in despite the expansion of overseas travel following the endemic (periodic outbreak of infectious diseases) transition.

This year, to prepare for the gradually recovering demand from Chinese tourists visiting Korea, the casino segment plans to hold various VIP events. The resort segment aims to target luxury hotel vacation demand based on premium facilities, services, and signature events.

Specifically, Paradise City, an integrated resort located on Yeongjong Island in Incheon, recently signed a strategic partnership with Trip.com Group, China’s largest online travel agency, to conduct joint marketing. Earlier, a live commerce broadcast conducted in cooperation with Ctrip by Paradise City in September last year received a positive response, recording over 9 million views and 560,000 likes. The reservation rate during China’s National Day holiday also exceeded 80%.

A Paradise official stated, "Although the recovery of Chinese VIPs was delayed more than expected last year, limiting the reopening effect, the simultaneous growth of the Japanese VIP and mass markets led to performance exceeding pre-COVID-19 levels. We plan to expand customized services for various leisure-related customer segments in the Japanese market and proactively carry out VIP events and sports marketing in line with the recovery of the Chinese market."

This content was produced with the assistance of AI translation services.