Paradise Co reports net profit of US$27m for Q3

Casino sales in the three months from July to September were up 3.7 per cent quarter-on-quarter.

South Korea.- Paradise Co has announced a net profit attributable to shareholders of KRW35.26bn (US$27m) for the third quarter of the year. The figure was up 19.9 per cent from the preceding quarter but down 10.4 per cent compared to the same period in 2022. 

The company said it achieved its “highest ever quarterly operating profit” at KRW57.13bn (US$3.94bn). That’s an increase of 4.1 per cent compared to the previous quarter and 49 per cent from a year ago. Paradise Co also reported aggregate sales of nearly KRW285.58bn (US$19.74bn) for the third quarter, sequential growth of 3.7 per cent and a year-on-year increase of 50.7 per cent.

The company noted a quarter-on-quarter decrease of 13.8 per cent in aggregate casino sales, amounting to KRW115.81bn (US$7.89bn). The company reported earnings before interest, taxation, depreciation, and amortisation (EBITDA) of just below KRW77.13bn (US$59.33bn), up 2.8 per cent sequentially. EBITDA was up 24.9 per cent from a year ago.

Sales from integrated resort operations – from Paradise City in Incheon – rose 21.3 per cent quarter-on-quarter, to nearly KRW132.66bn (US$9.58bn). Judged year-on-year, these sales increased 68.1 per cent. 

The integrated resort sales figure incorporates casino, hotel and theme park sales. Casino sales at Paradise City reached KRW97.81bn (US$6.78bn), up 19 per cent sequentially and 119.8 per cent from the prior-year period.

Paradise City EBITDA was KRW41.43bn (US$2.76bn), up 46.2 per cent quarter-on-quarter and 64.4 per cent year-on-year. Paradise Co said sales at the complex continued to grow in the third quarter, with the property’s operating profit and EBITDA reaching a “record high”.

See also: Paradise Co casino revenue down 17.3% sequentially in October