Paradise Co Reports 20.6 Percent Year-on-Year Rise in Third-Quarter Net Income
Paradise Co posted a 20.6% YoY increase in Q3 net income to KRW27.78 billion on 22% sales growth, with sequential net income up 76%. Nine-month net income fell 20% to KRW60.04 billion despite 12.6% higher sales and 10.8% casino revenue growth. Recent hotel capacity additions at Paradise City contributed to the quarterly rebound.
SCCG Take — Quarterly gains from capacity additions are evident, yet the nine-month net income decline signals that sustained demand across all four properties will determine full-year outcomes for South Korea’s foreign-only casino operators.
Paradise Co Ltd saw its net income attributable to shareholders increase by 20.6 percent year-on-year in the third quarter to KRW27.78 billion (US$20.8 million). On a sequential basis, third-quarter net income soared by 76.0 percent.
Sales for the three months to September 30, 2026 rose 22.0 percent year-on-year to nearly KRW351.66 billion. Quarter-on-quarter sales increased 10.6 percent.
First Nine Months Results
The firm’s net income for the first nine months of 2026 stood at KRW60.04 billion, down 20.0 percent year-on-year. This came on overall sales that increased by 12.6 percent during the period to KRW963.71 billion. Aggregate casino sales for the nine months to September 30, 2026 reached KRW744.59 billion, a 10.8 percent increase from the prior-year period.
Capacity and Investment Moves
Paradise Co operates foreigner-only gaming across four properties including Walkerhill Seoul, Paradise Busan, the Jeju Grand property on Jeju Island, and Paradise City in Incheon, the latter a venture with a unit of Japan’s Sega Sammy Holdings Inc. In January 2026 the company completed the KRW210.0-billion acquisition of the West Wing of the Grand Hyatt Incheon hotel adjacent to the Paradise City complex. The acquired property, rebranded as Hyatt Regency Incheon Paradise City, increased the accommodation inventory available to Paradise City by 65.1 percent to 1,270 rooms.
The operator is considering participation in an investment tied to the proposed acquisition of Maison Glad Jeju hotel. It stated in a regulatory filing that “no decision had been made” regarding the acquisition or the terms of any potential transaction. As reported by GGRAsia.
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