Paradise Co. Reports 7.3% Monthly Revenue Growth in July, Decline YoY

Despite the month-on-month growth, year-on-year revenue declined 1.3% from July 2023. However, looking at the January-July 2024 period, total revenue was 481.37 billion won, up 16.3% from the same period in 2023 (413.83 billion won).

Both table games and slot machines contributed significantly to the revenue growth. In 2024, table games generated 450.98 billion won and slot machines generated 30.39 billion won, up from 387.95 billion won and 25.88 billion won, respectively, for the January-July 2023 period.

The above figures include revenue from the company's gaming business, which includes properties such as Walkerhill, Jeju, Incheon Paradise City, and Busan Casino. They accounted for 74.7% of consolidated sales and 96.5% of individual sales in 2023. These properties play a key role in the company’s revenue and their successful operation is an important factor in the financial health of Paradise Co.

In July, Paradise Co. announced plans to redevelop its flagship casino and resort, Paradise Casino Walkerhill in Seoul. As part of these plans, a 383.3 square meter (4,123 square foot) VIP area will be added, which will open by September this year. This new addition is aimed at improving the VIP experience and attracting new visitors.

Amid Paradise Co.’s success, Macau casinos and one of its main concessionaires, MGM China, also reported growth in their second-quarter results. This underscores the overall trend of recovery and growth in the region’s gaming industry.

Overall, despite a slight year-on-year decline, Paradise Co. is posting strong revenue growth due to improved performance in table games and slot machines. With continued investment in renovation and customer experience improvements, the company aims to strengthen its position in the market and continue to grow in the future.