Paradise Co reported a 3.8% year-on-year increase in Q1 2026 revenue, reaching KRW 293.97 billion (€203 million), supported by steady casino performance and recovering tourism activity.
While there was some increase in revenue, decline in profitability was recorded in this quarter due to increased expenses associated with the acquisition of the Hyatt Regency Hotel located in Incheon, which is now part of the Paradise City Resort Complex. The Hyatt Regency Hotel was acquired in January for KRW 350 billion (€203 million), and as such developed new operating cost and staff, which has depressed earnings.
Casino operations remain the primary source of Paradise’s revenue generation and contributed KRW 228.86 billion (€157.8 million), which amounted to approximately 78% of its total revenues. Of that amount, Paradise City contributed KRW 112.73 billion (€77.7 million ) and other casinos at Walkerhill, Jeju and Busan produced KRW 116.13 billion (€80.1 million) in total.
The amount of table drop was KRW 1.755 trillion (€1.21 billion), and this 3.6% growth over last year reflects continued demand from both VIP type and mass-market type players.
During the month of April, revenue from the casino improved exponentially and increased 80.6% month over month to KRW 87.92 billion (€60.6 million ). Based on Paradise’s management’s analysis of casino operations, the reasons for this growth include favourable change in hold percentages, increased number of VIPs coming from Japan and China visiting Paradise casinos as well favourable occupancy rates at Paradise Hotels in the range of 70% to 90%.
Between January and April 2023, total casino revenue increased 8.2% compared to the same reference period last year, reaching KRW 316.81 billion (€218.4 million).
Earlier this year Paradise Co made leadership changes at the executive level, naming Lim Jun-shin and Choi Jong-hwan as joint co-CEOs and taking the necessary steps to update their corporate governance to enhance the level of independence for audit committee members from management as well as enhancing their environmental, social and governance (ESG) standards.
