South Korea’s Paradise Co, a leader in the foreigner-only casino market, closed 2024 with an impressive 10.2% growth in casino revenue, reaching KRW818.8 billion (US$556 million). This marks a significant improvement over the KRW742.9 billion (US$507 million) recorded in 2023, reaffirming its stronghold in the gaming industry.
Annual performance highlights:
The year’s growth was primarily fueled by table games, which generated KRW766.7 billion (US$520 million), representing a 13.8% increase from the previous year. Machine gaming also contributed positively, with revenue rising by 9.7% to KRW52.0 billion (US$35.3 million). Additionally, table drop, the total amount wagered at table games, surged by 11.3%, reaching KRW6.87 trillion (US$4.66 billion).
Paradise Co operates four casinos across South Korea, including the integrated resort Paradise City in Incheon and venues in Seoul, Busan, and Jeju. Its strategic focus on foreign clientele has been pivotal to its consistent growth.
Although December’s performance showed a slight decline from November, the year-over-year comparison highlights significant growth. As Inside Asian Gaming reports, monthly revenue reached KRW70.7 billion (US$48 million), a drop of 1.4% from KRW71.7 billion (US$48.8 million) in November but an 11.7% rise compared to KRW63.3 billion (US$43.2 million) in December 2023.
Breaking down December’s numbers, table games brought in KRW67 billion (US$45.7 million), reflecting a 13.8% increase from the same period last year but a marginal 0.5% decline from November. Conversely, machine gaming experienced a downturn, generating KRW3.74 billion (US$2.5 million), a 16% month-on-month decrease and a 16.1% decline year-over-year. Additionally, the December table drop totaled KRW540.9 billion (US$367 million), marking a 7% decrease from December 2023 and a 6.5% decline from the previous month.
Strategic expansion plans
Looking ahead, Paradise Co is set to enhance its appeal to international high-rollers through a $400 million flagship hotel project at Paradise City in Incheon. Construction for this ambitious development is expected to begin in the first quarter of 2025, with completion targeted for 2028. This initiative forms part of the company’s broader strategy to expand its footprint in the luxury gaming and hospitality sector.
As South Korea’s first integrated resort, Paradise City has played a pivotal role in attracting affluent foreign gamblers. The upcoming hotel expansion will add to the resort’s existing facilities, which include premium gaming options, fine dining, and high-end retail. The project underscores the company’s commitment to expanding its offerings and staying ahead of evolving market trends.
In addition to financial and operational achievements, Paradise Co has announced plans to incorporate sustainable practices into its new developments. From eco-friendly construction techniques for the new hotel to renewable energy solutions at its existing properties, the company aims to set a benchmark for sustainability in the gaming sector.
Furthermore, Paradise Co is exploring technological innovations to enhance customer experience, such as AI-powered gaming analytics and personalized marketing tools. These initiatives are part of a long-term vision to blend luxury, entertainment, and environmental responsibility.