Paradise Co posts US$28.7m net profit for Q3

Net profit was up 111.6 per cent from the previous quarter.

South Korea.- Paradise Co has shared its financial results for the third quarter of the year. It’s reported a net profit attributable to shareholders of KRW39.37bn (US$28.7m), up 111.6 per cent when compared to the previous quarter.

The company reported aggregate sales of KRW189.49bn, up 55.6 per cent year-on-year and up 801. per cent quarter-on-quarter. Casino sales grew 59 per cent year-on-year to KRW71.46bn. The figure was up 148 per cent when compared to the second quarter of the year. 

The company reported a KRW38.35bn operating profit, compared with KRW4.81bn last year. Paradise Co said the rise was aided by a rebound in its casino business, helped by the return of Japanese VIP guests.

The casino operator also said the quarterly increase in hotel accommodation sales was aided by strong domestic demand. Sales rose 44.3 per cent year-on-year and 17.6 per cent quarterly to KRW33.39bn.

Revenue from the “integrated resort” business, a joint venture with Japan’s Sega Sammy Holdings Inc. at Paradise City Resort in Incheon, rose 51.6 per cent year-on-year to just over KRW78.9bn. Subsequently, those sales increased by 74.5 per cent. Integrated resort sales figures include casino, hotel and theme park sales at Paradise City.

In June, South Korea 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.