Paradise said Wednesday that its regular corporate credit rating recently disclosed by Korea Ratings has been upgraded to A+ from A. The A+ grade is assigned to companies with a relatively superior credit standing within the A category, which is given to firms with excellent debt repayment capability. Above it are the AAA and AA grades.
Paradise received favorable reviews for rising customer demand in its casino division, its main revenue source. Last year, revenue at Paradise City, the integrated resort with a casino on Yeongjong Island in Incheon, reached 597.5 billion won ($435 million), up 10.8% from a year earlier. Korea Ratings said, "Amid the continued growth of foreign-only casino operators in Korea, Paradise holds a top-tier market position with a 40.2% market share."
The hotel business is also expanding its revenue base with increased room supply. In January this year, Paradise acquired the Grand Hyatt Incheon West Tower, securing an additional 501 rooms on Yeongjong Island. The company is also constructing a 188-room luxury hotel with five basement floors and 18 above-ground floors in Jangchung-dong, Jung-gu, Seoul, targeting an opening in October 2028.
"Based on the improved credit rating, our fundraising capacity has expanded, and we expect to continue stable investments," Paradise said.
