S. Korea casino operators report mixed results

Paradise Co. reported a narrowing of its net loss in the second quarter of 2018, due mainly to an increase in its casino revenue, reaching KRW 4.6 billion (US$4.1 million).

Casino revenue made up the majority of total revenue for the quarter, reaching KRW 146.9 billion in the quarter.

Paradise said casino revenue was led by its Seoul Walkerhill and Busan casino properties. The group also reported solid non-Chinese VIP business, including Japanese VIPs which offset weak Chinese demand.

Kangwon Land

The results differed from locals-permitted casino operator, Kangwon Land, which reported a 9.2 percent decline in sales in 18Q2, reaching KRW 338.7 billion.

The decline was caused by a fall in gaming and non-gaming revenue of 9.1 and 9.5 percent, respectively.

Net profit fell 14.4 percent to KRW 94.6 billion.