{"id":777005074,"date":"2023-05-10T13:58:25","date_gmt":"2023-05-10T16:58:25","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777005074"},"modified":"2026-04-22T22:07:43","modified_gmt":"2026-04-23T01:07:43","slug":"paradise-co-reports-net-profit-of-us5-3m-for-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/paradise-co-reports-net-profit-of-us5-3m-for-q1","title":{"rendered":"Paradise Co reports net profit of US$5.3m for Q1"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Casino sales in the three months to March were up 19.7 per cent quarter-on-quarter.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">South Korea.-&nbsp;<strong>Paradise Co<\/strong>&nbsp;has announced&nbsp;a net profit attributable to shareholders of<strong> KRW6.99bn <\/strong>(US$5.3m)&nbsp;for the first quarter of the year. That compares to a KRW4.05bn (US$3.1m) loss&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/paradise-co-posts-us3m-net-loss-for-q4\" target=\"_blank\">in the previous quarter<\/a>&nbsp;and KRW28.58bn (US$21.7m) loss in the same period of last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sales were KRW191.52bn (US$145.2m), down 0.9 per cent quarter-on-quarter but up 92 per cent in year-on-year terms. According to a separate presentation by the company on Wednesday (May 10),<strong>&nbsp;casino sales <\/strong>in the first three months of 2023 increased by 19.7 per cent quarter-on-quarter and 129 per cent year-on-year&nbsp;to just below KRW70.97bn (US$53.8m).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sales from <strong>integrated resort operations<\/strong> (in partnership with Japan&#8217;s Sega Sammy Holdings at the Paradise City resort in Incheon) declined by 9.4 per cent quarter-on-quarter to just above KRW91.26bn (US$69.2m). The sales doubles year-on-year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The integrated resort sales figure incorporates casino, hotel and theme park sales at Paradise City. The cost of sales for the joint venture rose by 62 per cent year-on-year to KRW74.06bn (US$56.2m).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company&#8217;s&nbsp;<strong>operating income for the same period was KRW19.02bn (US$14.4m)<\/strong>, up 4.3 per cent from the preceding quarter and from a KRW25.53bn (US$19.4m) operating loss in the first quarter of 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>See also:&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/paradise-co-casino-revenue-up-216-2-in-april\" rel=\"noreferrer noopener\">Paradise Co casino revenue up 216.2% in April<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Casino sales in the three months to March were up 19.7 per cent quarter-on-quarter.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Paradise Co reported a net profit of KRW6.99bn for Q1 2023, a significant turnaround from prior losses, driven by a 129% year-on-year increase in casino sales. While total sales saw a minor quarter-on-quarter decline, robust year-on-year growth across gaming verticals and integrated resort operations underscores a strong market recovery. Operating income also improved, signaling enhanced operational efficiency.","focusai_entities":"Paradise Co, Sega Sammy Holdings","focusai_location":"South Korea, Incheon, Japan","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q2 GGR Projections","query":"What are Paradise Co's forward-looking statements regarding GGR and NGR projections for Q2 and the remainder of FY2023, specifically differentiating between its standalone casino operations and the Paradise City integrated resort segment?"},{"label":"Cost of Sales Mitigation","query":"Given the 62% year-on-year increase in the joint venture's cost of sales, what specific operational efficiencies or revenue diversification strategies are being implemented to mitigate margin compression in subsequent reporting periods?"}],"footnotes":""},"categories":[16338,163],"tags":[1705],"class_list":["post-777005074","post","type-post","status-publish","format-standard","hentry","category-east-asia-news","category-finance-news","tag-paradise-co"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777005074"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005074\/revisions"}],"predecessor-version":[{"id":777005102,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777005074\/revisions\/777005102"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777005074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777005074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777005074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}