Casino sales in the three months from April to June were up 320 per cent quarter-on-quarter.<\/p>\n\n\n\n\n\n\n\n
South Korea.- Paradise Co<\/strong> has announced a net profit attributable to shareholders of KRW29.41bn (US$22.3m)<\/strong> for the second quarter of the year. The figure was up 320.7 per cent from the preceding quarter<\/a> and 58.1 per cent compared to the same period in 2022. <\/p>\n\n\n\n Operating profit<\/strong> 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\u2019s sales<\/strong> 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. <\/p>\n\n\n\n Revenue from casino sales amounted to KRW13.4bn (US$10.1m), up 89 per cent compared to Q1 2023. Paradise\u2019s 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 \u2013 the latter run via a venture with Japan\u2019s Sega Sammy Holdings.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Sales from integrated resort operations \u2013 from Paradise City in Incheon \u2013 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.<\/p>\n\n\n\n Paradise City EBITDA was KRW28.35bn, up 17.5 per cent quarter-on-quarter and 573.9 per cent year-on-year.<\/p>\n\n\n\n