Paradise Co reports net profit of US$11m for Q4

Casino sales were up 58.8 per cent year-on-year.

South Korea.- Paradise Co has shared its financial results for the three months to December 31. The casino operator reported a net profit attributable to shareholders of KRW14.7bn (US$11m), down 74 per cent when compared to the previous quarter and down 8 per cent in year-on-year terms.

The company reported KRW5.2bn (US$3.9m) in losses and sales of nearly KRW241.8bn (US$181.5bn), down 15.3 per cent quarter-on-quarter. Revenue from casino sales amounted to nearly KRW93.84bn (US$70.4m), up 58 per cent from the previous year but down 19 per cent from the previous quarter. 

The drop reached KRW757bn (US$568,9m) for Japanese players and KRW302bn (US$226.9m) for Chinese players. Sales from integrated resort operations – from Paradise City in Incheon – decreased 13 per cent quarter-on-quarter and 14.5 per cent year-on-year to nearly KRW115.3bn (US$86.6bn).

Paradise City generated EBITDA of KRW15.56bn (US$11.6m), down 56.5 per cent quarter-on-quarter and down 43.8 per cent in year-on-year terms.

For full year 2023, the casino operator posted a revenue of KRW744,15bn (US$567.8m), up 112.8 per cent compared with full-year 2022. Table game revenue was KR696.70bn (US$534.1m), up 118.8 per cent in year-on-year terms. Machine game revenue was up 51.9 per cent to KRW47.5bn (US$36.4m). The table drop for full-year 2023 was just over KRW6.17tn, a rise of 114.2 per cent.