Korea’s leading foreigner-only casino operator, Paradise Co, reported a 35% fall in net profit to KRW21.0 billion (US$14.9 million) in the three months to 30 June 2026, reflecting expenses related to the full-scale operations of the recently acquired Grand Hyatt Incheon West Tower at integrated resort Paradise City. Profit was, however, up 12.6% compared with the March quarter.
The year-on-year decline in profit came despite group-wide sales growing 11.8% to KRW318.1 billion (US$225 million) – bolstered by all-time quarterly casino drop amount across its portfolio. Aside from Paradise City, the company operates three other casinos in Seoul, Busan and Jeju.
At Paradise City, sales of KRW167.2 billion (US$118 million) represented a 9.8% year-on-year increase including a 2.9% rise in casino sales to KRW131.9 billion (US$93.4 million). Hotel sales grew by 52.4% to KRW30.8 billion (US$21.8 million), mainly due to the addition of the Grand Hyatt West Tower.
In its results release, Paradise said Paradise City recorded all-time quarterly highs in both drop and revenue, however increased expenses linked to Grand Hyatt as well as higher advertising and labor costs resulted in a 20.4% decline in EBITDA to KRW31.4 billion (US$22.2 million) and a 50.4% fall in net profit to KRW10.8 billion (US$7.64 million).
Paradise City is 55% owned by Paradise Co and 45% by Japan’s Sega Sammy Holdings.
At the company’s wholly-owned casinos, total sales grew by 14.0% year-on-year to KRW118.9 billion (US$84.2 million) including a 14.7% increase in casino sales to KRW115.6 billion (US$81.8 million). The company again saw record quarterly drop at these properties of KRW1.10 trillion (US$781 million), up 20.5% year-on-year, driven by expanded inbound tourism demand and major events like LIV Golf Korea.
EBITDA of KRW18.3 billion (US$13.0 million) was 16.4% higher year-on-year and net profit of KRW7.39 billion (US$5.23 million) up 41.2%.
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