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Paradise Co. profits with 188 percent hike in 2Q23

South Korean casino operator Paradise Co Ltd has revealed a gradual recovery in casino sales after restrictions were lifted for foreign visitors, with its operating profits jumping 188.5 percent quarter-to-quarter to KRW5.4 billion ($4.1 million), and net profits growing three-fold to KRW3.7 billion ($2.8 million).

The group’s total sales managed an 85 percent q-to-q rise to KRW13.7 billion ($10.4 million) thanks to growth in Japan and mass markets, which helped offset a slower-than-expected recovery in the Chinese market. Japan VIP started entering the country after July 2022, with visa-free entry fully resumed for Japan from October 2022.

Revenue from casino sales amounted to some KRW13.4 billion ($10.1 million), an 89 q-to-q percent hike. Paradise’s 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 at Incheon – the latter run via a venture with Japan’s Sega Sammy Holdings Inc.

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The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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