South Korean casino operator, Paradise Co. Ltd, has achieved a ‘highest ever quarterly operating profit’ of KRW 57.1 billion ($44 million) in the third quarter of 2023. This figure represents a 4.1 percent increase on a quarterly basis and a remarkable 49 percent year-on-year growth.
The foreigner-only casino operator in South Korea reported a gradual recovery in casino sales after restrictions were lifted for foreign visitors, resulting in a net profit attributable to shareholders of KRW 35.26 billion ($27 million) for the third quarter of 2023.
The company also attributed the growth in revenues and operating profit to the normalization of casinos and the Paradise City resort.
The group’s total sales witnessed a substantial 50.7 percent year-on-year increase, reaching KRW 285.6 billion ($218 million). Revenue from casino sales amounted to approximately KRW 115.8 billion ($88 million), marking a substantial 62.1 percent yearly increase.
Japan VIP visitors began entering the country in July 2022, with visa-free entry fully resumed for Japanese travelers in October 2022. Furthermore, China resumed group tours to South Korea after August this year, ending a six-and-a-half-year hiatus since March 2017.
Regarding the casino business, the casino drop amount increased by 1.4 percent, while casino revenue saw a 0.9 percent decrease compared to the third quarter of 2019, with the drop amount continuing to rise in both VIP and mass segments.
Paradise’s casino business division encompasses the venues Walkerhill in Seoul, Paradise Jeju on Jeju Island, a property in the port city of Busan, and Paradise City at Incheon, the latter being run through a venture with Japan’s Sega Sammy Holdings Inc.
