ENVALITH
グリーンランドリゾート株式会社 logo

GREENLAND RESORT COMPANY LIMITED

9656・Standard Market・Services

Official website
グリーンランドリゾート株式会社 logo
GREENLAND RESORT COMPANY LIMITED9656

Business

Greenland Resort Co., Ltd. is a comprehensive leisure company established in 1980 (predecessor: Mitsui Miike Development, founded in 1964). Centered on the "Greenland" amusement park in Kyushu (Arao City, Kumamoto Prefecture), the company operates an amusement park and ski resort in Hokkaido, three golf courses in Kyushu, and four hotels across Kyushu and Hokkaido. In addition, the company conducts a real estate leasing and sales business utilizing company-owned land in the Greenland Resort area, as well as a civil engineering and construction materials business through Greenland Development Co., Ltd. Consolidated group sales, including three consolidated subsidiaries (Ariake Resort City Co., Ltd., Sorachi Resort City Co., Ltd., and Greenland Development Co., Ltd.), totaled ¥6,453 million (FY2025 ending December 2025). Main customers span a wide range, including families, inbound tourists, golfers, and business travelers. Listed on the Standard Market of the Tokyo Stock Exchange.

Business Model

The Amusement Park Business (net sales of ¥2,861 million) serves as the core customer draw, with set plans linking to the adjacent official hotels (Blanca and Verde) and golf courses to maximize spending per customer and length of stay. The Real Estate Business secures stable earnings through company-owned land tenant leasing (operating margin of 65.3%), while the Civil Engineering & Construction Materials Business (operating margin of 26.2%) improves cost efficiency by in-housing management operations for group facilities. Some amusement rides, food and beverage, and merchandise sales operations are outsourced to specialized operators (on a sales-linked commission basis), converting these into variable costs.

Company Strengths

In FY2025 (ending December 2025), the Amusement Park Business achieved net sales of ¥2,861 million, operating income of ¥766 million, and an operating margin of 26.6%. The number of visitors reached 964,490, with Greenland (Kyushu) alone attracting 769,475 visitors. The high profit margin is supported by converting food & beverage and merchandise operations into variable costs through outsourcing, and by enhancing facility appeal through capital expenditure of ¥937 million.

The Real Estate Leasing and Sales business, which utilizes company-owned land in the Greenland Resort area, recorded net sales of ¥176 million against operating income of ¥122 million, achieving an operating margin of 65.3%. Rent revisions for existing tenants resulted in a year-on-year increase in operating income of ¥14,705 thousand, and the business functions as a stable, low-cost revenue source.

The Amusement Park, Golf Course, and Hotel are concentrated within the same resort area, offering experiential value that cannot be provided by standalone facilities, such as package plans with the Official Hotel and dining facilities overlooking the Amusement Park. Of the 84,765 guests staying at facilities in the Hotel Business (net sales of ¥1,959 million), 62,912 stayed at the two hotels in Kyushu, indicating that the synergy with the Amusement Park contributes to attracting visitors.

ENVALITH's Perspective

In Q1 of FY2026 (ending December 2026), net sales were flat at ¥1,351 million (+0.1% year-on-year), while operating profit dropped sharply to ¥36 million, down 57.2% year-on-year. The main causes were increases in personnel expenses, consumable supplies expenses, and repair and maintenance costs, with cost of sales rising to ¥1,146 million (from ¥1,105 million in the same period last year) and SG&A expenses rising to ¥169 million (from ¥161 million), both increasing. Continued price inflation remains an external factor, and how well the company manages costs will be a key determinant of full-year performance.

Quarterly net profit attributable to owners of the parent for Q1 of FY2026 (ending December 2026) increased 65.3% year-on-year to ¥104 million, but this was due to the recording of a ¥110 million gain from income tax adjustments resulting from a reassessment of the recoverability of deferred tax assets. Quarterly net loss before tax was ¥(0.3) million (compared to pretax profit of ¥83 million in the same period last year), indicating a significant deterioration on an underlying business basis. Investors should not take the increase in net profit at face value and should instead focus on trends in operating profit and ordinary profit.

Full-year guidance for FY2026 (ending December 2026) remains unchanged at net sales of ¥7,000 million (+8.5% year-on-year), operating profit of ¥780 million (+6.1%), and net profit of ¥500 million (+2.6%). The Q1 progress rate for net sales was only 19.3%, and for operating profit only 4.6%, showing a pronounced skew toward the second half, particularly in terms of profit. Recovery in demand for the Amusement Park's peak season (summer), Golf, and Hotel businesses will be key to achieving the full-year targets, but external risks remain, including snow shortages at the Hokkaido ski resort and continued price inflation.

Growth Strategy

Toward the final year of Medium-Term Management Plan 2026, the company is advancing anniversary commemorative investments, price revisions, and portfolio optimization

To mark the 60th anniversary of the park's opening in 2026, the company held a variety of events, newly introduced the latest XR attraction, and renewed two attraction models and one food and beverage outlet. Price revisions for the attraction free pass were also implemented, achieving increased sales even amid declining visitor numbers.

The company has progressively implemented price revisions for the amusement park free pass, golf course fees, hotel accommodation rates, and ski lift fees. In the Golf Business, profitability was maintained through increased per-customer spending even amid sluggish visitor numbers. This reflects efforts to absorb external price increases through pass-through pricing.

With the aim of efficiently allocating management resources and optimizing the business portfolio, the company entered into a contract dated March 31, 2026 to transfer the operating business of Hokkaido Greenland Hotel Sun Plaza. A loss on business transfer of ¥25 million has already been recorded as an extraordinary loss. The company aims to concentrate management resources on more profitable businesses.

The company is rolling out operational efficiency measures such as introducing serving robots at golf courses. In response to rising labor cost pressures, it is promoting labor-saving and operational efficiency through the use of digital technology, as part of the 'Promotion of Management Efficiency' initiative under Medium-Term Management Plan 2026.

Rent revisions for existing tenants contributed to a 16.8% year-on-year increase in Real Estate segment sales in the first quarter of FY2026 (ending December 2026). The company is expanding stable revenue sources through the effective utilization of idle company-owned land within the Greenland Resort area and the attraction of new tenants.

Last updated: July 17, 2026