Paradise Co posts US$14.2m in net profit for Q2

Paradise Co net profit was down 1.6 per cent year-on-year.
Paradise Co net profit was down 1.6 per cent year-on-year.

Casino sales fell 5.8 per cent year-on-year to KRW28.81bn.

South Korea.- Paradise Co has shared its financial results for the second quarter of the year. It’s posted a net profit attributable to shareholders of KRW18.61bn (US$14.2m), down 1.6 per cent year-on-year.

The company reported a KRW28.58bn net loss while casino sales fell 5.8 per cent year-on-year, to KRW28.81bn. The figure was also down 7 per cent when compared to the first quarter of the year.

Hotel accommodation sales rose 31.4 per cent year-on-year to KRW28.38bn. The figure was up 30.9 per cent when compared to the previous quarter.

Revenue from the integrated resort business – a joint venture with Japan’s Sega Sammy Holdings – at the Paradise City Resort in Incheon rose 42.1 per cent year-on-year to nearly KRW45.22bn. That was down 1 per cent quarter-on-quarter.

Paradise Co said the Incheon-based company expects operating profit to improve in the third quarter backed by Japan VIPs and strong hotel revenue in the high season.

In July, the company reported revenue reached KRW27.36bn (US$20.9m), up 296.5 per cent year-on-year and 110 per cent month-on-month.

In the first seven months of 2022, the group’s casino revenue rose 7.4 per cent year-on-year to KRW128.35bn. For the first half of the year, the casino operator posted revenue of KRW101.23bn (US$77.91m), a decline of 10.1 per cent when compared to last year. 

South Korea to allow visa-free entry from Japan, Taiwan and Macau

Authorities have announced that visitors with travel documents issued by Japan, Taiwan or Macau will be granted visa-free entry to the country. According to Yonhap News Agency, travellers must apply online for permission to enter through the Korea Electronic Travel Authorization website at least 72 hours before their return flight.

Authorities in the capital think the measure will help attract tourists to the 2022 Seoul Festival that will be held between August 10 to 14. The measure could also benefit the country’s casinos as most only accept foreign players.

In June, the country resumed issuing short-term tourist visas for individual tourists and tour groups after inbound tourism was halted at the height of the Covid-19 epidemic.

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