Paradise Co reports net profit of US$22.3m for Q2
Casino sales in the three months from April to June were up 320 per cent quarter-on-quarter.
South Korea.- Paradise Co has announced a net profit attributable to shareholders of KRW29.41bn (US$22.3m) for the second quarter of the year. The figure was up 320.7 per cent from the preceding quarter and 58.1 per cent compared to the same period in 2022.
Operating profit rose 188.5 per cent quarter-to-quarter to KRW5.4bn (US$4.1m), and net profit grew to KRW3.7bn (US$2.8m). Paradise Co’s sales rose 85 per cent quarter-to-quarter to KRW13.7bn (US$10.4m) thanks to growth in Japan and mass markets, which helped offset a slower-than-expected recovery in the Chinese market. Visa-free entry fully resumed for Japan from October 2022.
Revenue from casino sales amounted to KRW13.4bn (US$10.1m), up 89 per cent compared to Q1 2023. Paradise’s casino business division consists of the venues Walkerhill in Seoul, Paradise Jeju on Jeju Island, a property in the port city of Busan and Paradise City in Incheon – the latter run via a venture with Japan’s Sega Sammy Holdings.
The company reported earnings before interest, taxation, depreciation, and amortisation (EBITDA) of just below KRW75bn (US$56.9m), up 78.8 per cent sequentially. EBITDA was KRW2.91bn (US$1.5m) in the prior-year period.
Sales from integrated resort operations – from Paradise City in Incheon – rose 19.9 per cent quarter-on-quarter, to nearly KRW109.41bn (US$83m). Judged year-on-year, these sales increased 142 per cent. The integrated resort sales figure incorporates casino, hotel and theme park sales. Casino sales at Paradise City reached KRW82.20bn (US$ 62m), up 29.7 per cent sequentially and 346.4 per cent from the prior-year period.
Paradise City EBITDA was KRW28.35bn, up 17.5 per cent quarter-on-quarter and 573.9 per cent year-on-year.
