Paradise Posts Operating Profit of 10.4 Billion Won Last Year, Turning to Black... "Effect of Tourism Resumption" (Comprehensive)

"Increase in Hotel Demand, Gradual Recovery of Casinos"

Paradise announced on the 15th that its consolidated operating profit for last year was 10.4 billion KRW, marking a turnaround from an operating loss of 55.2 billion KRW the previous year. During the same period, sales increased by 41.8% to 587.6 billion KRW, and net profit turned positive at 16 billion KRW. Operating profit for the fourth quarter of last year also turned positive at 18.2 billion KRW, compared to an operating loss of 20.4 billion KRW in the same quarter of the previous year.

By subsidiary, Paradise recorded an operating profit of 890 million KRW in the fourth quarter of last year, and Paradise Segasami posted 13.5 billion KRW, both turning profitable. During the same period, Paradise Hotel Busan's operating profit increased by 1,353% year-on-year to 5.7 billion KRW.

The total drop amount (the amount customers paid to purchase chips) for casinos in the fourth quarter of last year was 1.248 trillion KRW, up 39.4% from the third quarter. This figure is the combined performance of four casinos operated by Paradise subsidiaries on a consolidated basis.

A representative from Paradise explained, "In the fourth quarter of last year, the resumption of visa-free travel to Japan and increased demand for premium hotels from domestic tourists led to higher hotel sales, and casino sales gradually recovered. This year, we expect an influx of group tourists due to China's reopening and increased international flights to Japan from Incheon Airport."