Paradise Co. eyes nearly?€900 million in sales by 2026?

Jenny Ortiz July 4, 2024

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Paradise Co. eyes nearly?€900 million in sales by 2026?

South Korea’s prominent casino operator catering to foreigners, Paradise Co., anticipates nearly €900 million in sales by 2026. The company projects sales to rise from KRW1.17 trillion (€785 million) in 2024 to KRW1.32 trillion (€885 million) by 2026. This growth is driven by efforts to expand its international customer base and enhance its offerings.?

To attract more international VIPs, Paradise Co. announced plans to build a new luxury hotel in Seoul. This 18-story, all-suite hotel, aimed at providing premium services, is scheduled to begin construction in late 2024 and open in 2028. The hotel will feature around 200 suites and cover an area of 13,950 square meters, underscoring the company’s commitment to upscale hospitality.

New VIP gaming area and enhanced customer experience

In a bid to cater to high-rollers, Paradise Co. is set to launch a new VIP gaming space at its Paradise Casino Walkerhill in Seoul by September 2024. This exclusive area will span approximately 383 square meters. The company is also upgrading its systems to improve connectivity across its four casinos in Seoul, Incheon, Busan, and Jeju.

The company is also opening a customer lounge at Gimpo International Airport in Seoul by August 2024 to enhance the travel experience for its international guests, particularly those from China. This initiative aims to streamline the arrival process and offer a more comfortable journey for high-end clients.

Focus on the Chinese market

CEO Choi Jong-hwan highlighted the potential for growth in attracting Chinese tourists, particularly with Jeju Island’s visa-free entry policy for Chinese visitors. Paradise Co. plans to develop specialised travel packages and cultural events to attract more Chinese tourists, leveraging the popularity of South Korean pop culture in East Asia.

Strong financial performance

Paradise Co. reported strong financial results for the first quarter of 2024, with a net income of KRW25.94 billion (€17.4 million), marking a significant increase of 271.1 percent compared to the same period last year. The company’s sales for the first half of 2024, including gaming and non-gaming revenue, are estimated at KRW569.9 billion (€382 million).

Strategic developments

Paradise Co. recently moved from the KOSDAQ to the KOSPI stock index, reflecting its growth and market stability. The company is also integrating the operations of its four casinos to better utilise its customer base of over 1 million and enhance its marketing strategies.

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