Paradise stock: Q3 casino revenue rises 23.4% on VIP demand

Paradise's third-quarter casino revenue rose 23.4 percent year over year, according to AGB. The report, published on October 4, said higher table hold and stronger Japanese and other VIP play outweighed weaker Chinese VIP activity.

VIP mix drives casino growth

Casino revenue reached KRW 268.21 billion in the three months ended September 30. Table drop increased 8.3 percent to KRW 1.96 trillion, while the group table hold rose to 12.91 percent from 11.26 percent a year earlier.

Japanese VIP table drop increased 6.7 percent to KRW 810.18 billion, remaining the largest source of table drop. Other VIP customers increased their contribution by 32.9 percent. Chinese VIP table drop fell 9.3 percent, and visiting days declined 16.0 percent.

Paradise City leads the increase

Paradise City in Incheon generated the largest contribution to the quarterly casino increase. Its casino revenue rose 25.1 percent year over year to KRW 146.32 billion, while table drop increased 1.4 percent. Revenue also grew at the Walkerhill, Busan and Jeju Grand properties.

For the first nine months of 2026, group casino revenue increased 10.8 percent to KRW 744.59 billion. The figures point to continued demand from Japanese and other international customers, while Chinese VIP trends remain a key swing factor for the business.

Analysts watch Hyatt costs

An iM Securities analysis reported by StockHub on October 23 focused on the cost burden from Paradise City's Hyatt Regency operations. The analyst expected sequential margin improvement in the third quarter from strong hold rates and cost controls, but highlighted labor, marketing and hotel operating expenses as risks.

Money Today's analysis, reproduced by StockHub, grouped Paradise with Lotte Tour Development and GKL among South Korea's foreigner-only casino operators. The report said investors were weighing tourism demand against policy uncertainty and potential changes to industry fund contributions.

Business and competitive position

Paradise operates four foreigner-only casinos in South Korea: Paradise City, Walkerhill, Busan Casino and Jeju Grand. Its business combines casino operations with hotel and integrated-resort activities, with Paradise City serving as its largest growth property in the reported quarter.

Paradise competes in the same foreigner-only casino market as Lotte Tour Development and GKL. The reviewed market analysis places all three operators in the same investment discussion, while the operating figures show Paradise's differentiation through its integrated resort and hotel exposure.

For broader market context, see Current market reports.

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