The South Korean casino operator shared its third quarter financial results.
South Korea.- Paradise Company Limited saw a 14.7 percent decline year-on-year in consolidated net profit for the third quarter ending in September to US$9 million. The largest gambling firm in South Korea is close to the inauguration of another casino resort.
Paradise Company also reported its operating profit drop almost 4.6 percent to US$9.4 million for the three month period ending in September. The pre-tax profit decreased to US$11.9 million by 14.8 percent.
Yang Il-Woo, an analyst with Samsung Securities Company Limited, said: “Paradise Company Limited likely started recognising pre-opening costs for Paradise City, the casino resort it plans to open in the second quarter of 2017, which mainly comprised labor cost hikes from the hiring of some 100 personnel, while related advertising costs are bound to become a factor in the New Year.”
Paradise City is set to open in April 2017 near the Incheon International Airport and will feature 350 slots machines along with 160 live gaming tables. Yuanta Securities Company Limited analyst Park Sung-Ho said that they are bullish on the US$1.7 billion facility in the long-term given its proximity to the airport, which should continue to grow.