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HomeNewsSouth KoreaParadise Co reports 55% rise in sales, $29.15mln in profit for 3Q22

Paradise Co reports 55% rise in sales, $29.15mln in profit for 3Q22


South Korean foreigner-only casino operator Paradise Co. has reported a 55.6 percent rise in sales during the third quarter of 2022, topping KRW189.48 billion ($140.3 million). The amount was also a quarterly rise of 80.1 percent.

The company also reversed a KRW6.19 billion net loss in the third quarter of 2021 to a KRW39.36 billion ($29.15 million) profit during the quarter, a 111.6 percent increase quarterly.

According to reports, casino revenue rose 148 percent yearly, to KRW71.46 billion ($53 million), also a quarterly rise of 148 percent.

The group operates four casinos – Paradise City in Incheon, Jeju Grand, Busan Casino Paradise and Paradise Walkerhill in Seoul.

In a previous announcement, the group had said that its third-quarter profit was supported by the return of Japanese VIP clients, after visa-free entry to the country was opened in August for document holders from Japan, Macau and Taiwan.

Regarding the group’s integrated resort with Sega Sammy, at Paradise City in Incheon, the group saw annual sales rise 51.6 percent, to KRW78.9 billion ($58 million), a quarterly rise of 74.5 percent.

AGBrief Editorial
AGBrief Editorial
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.