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Paradise Co plans to move its shares to the primary KOSPI market

March 8, 2024 South Korea Casino & HotelIndustry Updates

Paradise Co Ltd., a South Korean operator of casinos exclusively for foreigners, has announced its decision to delist from the country’s KOSDAQ stock index and shift its listing to the KOSPI, the primary index of the South Korean stock market. The KOSDAQ primarily caters to the financing needs of ventures and small to medium-sized companies.

A spokesperson for Paradise Co stated, “We are pursuing a relocation listing to align with existing securities listed companies such as Grand Korea Leisure Co Ltd, Kangwon Land Inc, and Lotte Tour Development Co Ltd, aiming to enhance the company’s valuation.” This move aims to maximize shareholder value by broadening the investor base, including institutional and foreign investors.

The plan is pending ratification at the regular general shareholders’ meeting scheduled for March 22 and requires approval from relevant organizations, as indicated in Paradise Co.’s filing to the Korea Exchange on Wednesday.

Paradise Co’s stock experienced a 5.04 percent increase in Thursday trading on KOSDAQ, reaching KRW13,550 (US$10.19).

The other mentioned companies are competitors of Paradise Co. in the South Korean casino industry. Kangwon Land Inc. is the sole casino operator in South Korea permitted to serve local players but has recently announced plans to target foreign players as well.

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

In its recent report, Paradise Co disclosed a 23.0 percent increase in full-year 2023 earnings before interest, taxation, depreciation, and amortization (EBITDA) compared to the previous year, reaching KRW228.77 billion, and a 164.3 percent year-on-year increase in net profit, reaching KRW66.36 billion.

Original Story by: GGRAsia

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