South Korea’s Paradise Co. to begin trading on KOSPI on June 24?

Jenny Ortiz June 18, 2024

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South Korea’s Paradise Co. to begin trading on KOSPI on June 24?

Paradise Co. Ltd, a South Korean operator of foreigner-only casinos, announced that its shares are set to begin trading on the KOSPI stock index starting June 24. This follows the company’s earlier confirmation in March to delist from the KOSDAQ index. In its latest filing, Paradise Co. confirmed it has met all necessary requirements for the transfer and has received preliminary approval from the country’s stock market regulator.?

Potential schedule adjustments

The company noted that the trading schedule could still change depending on the Korea Exchange’s final listing approval and the outcomes of discussions regarding the listing procedure.

Paradise Co. directly operates three casino venues in South Korea: Walkerhill in Seoul, Paradise Jeju on Jeju Island, and a property in the port city of Busan. Additionally, the company has a joint venture with Japan’s Sega Sammy Holdings Inc. for the Paradise City casino resort located in Incheon, near South Korea’s main airport.

Financial performance

In the first quarter of 2024, Paradise Co. reported a net income attributable to shareholders of nearly KRW25.94 billion (€17.5 million). This strong financial performance was supported by a 38.2 percent year-on-year increase in sales, reaching KRW264.77 billion (€178 million). The company’s robust results underscore its solid position in the market as it transitions to KOSPI.?

Full-year forecast

Last month, the company said it is projecting a full-year EBITDA of KRW68.1 billion (€46 million), marking a significant 96.3 percent increase from the previous quarter. This forecast indicates continued growth and profitability for the company soon.

The projection follows a remarkable revenue increase of 112.8 percent in 2023 compared to 2022. The company reported KRW744.2 billion (€529.4 million) in casino revenue for the year. This impressive growth is primarily driven by a substantial surge in the table games segment, which saw revenue jump by 118.8 percent year-over-year. Additionally, revenue from gaming machines also increased, rising by 51.9 percent.

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