Paradise (034230) Q3 2025 earnings summary

Executive summary

• Q3 revenue was KRW 288,247m, operating income KRW 39,512m and net income KRW 33,431m, versus KRW 268,245m, KRW 36,205m and KRW 19,662m a year earlier.

• 9M revenue was KRW 856,013m, operating income KRW 139,639m and net income KRW 108,886m, up from KRW 806,279m, KRW 116,618m and KRW 74,211m in 9M24.

Financial highlights

• 9M gross profit was KRW 217,456m versus KRW 194,486m; profit before tax was KRW 124,993m versus KRW 84,283m.

• 9M net income attributable to owners was KRW 75,046m versus KRW 50,308m; non-controlling interest profit was KRW 33,840m versus KRW 23,902m.

• At Sept. 30, total assets were KRW 3,963,453m, liabilities KRW 1,775,402m and equity KRW 2,188,051m.

Segment performance

• 9M complex-resort revenue was KRW 441,384m, casino revenue KRW 316,693m, hotel revenue KRW 83,437m and other revenue KRW 14,500m.

• Integrated Resort casino revenue rose 6.1% YoY to KRW 117.0bn; casino drop reached KRW 1,807.9bn, with hold rate up 1.1ppt to 11.3%.

• Separate casino operations generated KRW 100.4bn revenue, up 18.9% YoY; operating profit was KRW 9.9bn versus KRW 1.5bn.

• Paradise City hotel Q3 occupancy was 85.8% and average room rate KRW 478,000, versus 84.6% and KRW 438,000 in Q3 2024.

• Hotel Busan Q3 occupancy was 89.2% and average room rate KRW 359,000, versus 84.6% and KRW 361,000 in Q3 2024.