Two casinos in South Korea recorded a rise in its 2024 casino revenue. Paradise Co, a leading South Korean operator of foreigner-only casinos, achieved a 10.2 percent increase in annual casino revenue for 2024. While, the Jeju Dream Tower, a prominent integrated resort (IR) in the country, also reported improved performance.
Paradise Co. sees growth despite end-of-year dip
Paradise Co’s annual casino revenue for 2024 reached KRW818.7 billion (€541 million). This performance followed strong growth in table game revenue and a modest rise in machine gaming income.
While December revenue dropped slightly by 1.4 percent from November, the year-on-year growth for the month stood at 11.7 percent. Table games remained the primary contributor, generating KRW67 billion (€44.9 million) in December, which marked a 13.8 percent annual increase despite a small decline from the previous month. However, machine gaming revenue showed a double-digit decline for both the monthly and yearly comparisons.
Throughout the year, table games accounted for KRW766.7 billion (€506.7 million), up 10.2 percent from the previous year. Machine gaming revenue also rose, reaching KRW52 billion (€34 million). This annual performance underscores the steady recovery of the gaming sector in South Korea.
Paradise Co. is also investing in its future with plans to construct a $400 million flagship hotel, aiming to strengthen its appeal to international clientele. Construction is scheduled to begin in early 2025, with completion anticipated by 2028.
Jeju Dream Tower builds momentum
The Jeju Dream Tower, a prominent integrated resort in South Korea, also reported improved performance for 2024. The venue has leveraged its unique position as a tourist hub to attract foreign visitors, contributing to the overall growth of South Korea’s gaming industry.
According to the company, it earned KRW276.5 billion (€182.7 million) in casino revenue in 2024, a 93.3 percent year-on-year increase, continuing its post-COVID recovery. However, the company added that its hotel revenue fell by 7.8 percent.
The combined growth in revenue across Paradise Co’s properties and the Jeju Dream Tower reflects a recovering tourism sector and increased spending by international visitors. South Korea’s gaming market has focused on capturing this demand, aligning its strategies to enhance offerings and cater to high-spending players.
Operators like Paradise Co are not only rebuilding pre-pandemic levels of revenue but are also laying the groundwork for long-term growth through infrastructure projects and refined strategies. These efforts position South Korea as a competitive destination in the Asia-Pacific gaming market.
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