Paradise Q2 loss widens

Korea, Paradise City
Korea, Paradise City

Paradise Co., which operates foreigner-only casinos in South Korea, posted a wider Q2 loss although revenue gained.

The net loss was KRW7.45 billion ($6 million) compared with a loss of KRW4.60 billion a year earlier.

Revenue was KRW233.8 billion, up 29 percent on the prior year. For the first half of the year, sales rose 20.5 percent to KRW435.5 billion. 

The company said its casino sales in the period rose almost 11 percent to KRW103.6 billion, helped by a 137 percent jump at its Jeju Grand casino.

The group reported sales for its Incheon Paradise City integrated resort separately. It operates South Korea’s first IR in a venture with Japan’s Sega Sammy.

Sales at Paradise City rose 64.6 percent to KRW105.8 billion, with casino sales up 61.5 percent to KRW86.35 billion. It is now the biggest contributor to group revenue.

The 2Q19 casino drop was up 32.2 percent year-on-year backed by a recovery in China VIP, which was up 65.9 percent. However, Japanese still made up the biggest segment of VIP revenue, contributing KRW638 billion.