Paradise Co posts net income of US$19m for Q1

Paradise Co posts net income of US$19m for Q1

Paradise Co’s income was up 271.1 per cent year-on-year.

South Korea.- Paradise Co has reported a net income attributable to shareholders of KRW25.94bn (US$19m) for the first quarter of 2024. The figure was up 271.1 per cent when compared to Q1 last year and compares to a net loss of KRW9.10bn in the final quarter of 2023.

Aggregate sales were up 38.2 per cent year-on-year at KRW264.77bn. Operating profit was KRW48.40bn, up by 154.5 per cent. Earnings before interest, taxation, depreciation, and amortisation (EBITDA) was KRW68.13bn, a 62.4 per cent increase.

Paradise Co operates three gaming venues directly: Walkerhill in Seoul, Paradise Jeju on Jeju island, and a property in the port city of Busan. The company reported an increase in aggregate casino sales of 44.1 per cent year-on-year to KRW102.27bn. The company also achieved its highest quarterly table drop.

Sales from integrated resort operations (Paradise City in Incheon) rose 45 per cent year-on-year to KRW132.32bn. Judged quarter-on-quarter, the figure was up 14.7 per cent. The figure includes casino, hotel and theme park sales. Casino sales at Paradise City reached KRW102.58bn, up 61.8 per cent year-on-year and 21.3 per cent sequentially.

Paradise City generated EBITDA of KRW43.07bn, an increase of 78.4 per cent from last year and 176.7 per cent from the preceding quarter.

In April, Paradise Co reported revenue of KRW84.14bn (US$61.1m). That’s a rise of 59 per cent month-on-month and 56 per cent year-on-year. For the first four months of the year, revenue was KRW290.92bn, up 54.5 per cent year-on-year. 

See also: South Korean casino revenue up 40.7% in 2023

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