Prominent South Korean operator of foreigner-only casinos Paradise Co has released its financial results for the third quarter of 2024, revealing significant declines compared to both the previous quarter and the same period last year.
For the third quarter of 2024, Paradise Co reported sales of KRW268.2 billion ($192.3 million), a decline of 1.8 percent from KRW273.3 billion ($195.7 million) in the second quarter of 2024 and a 6.1 percent decrease from KRW285.6 billion ($204.2 million) in the third quarter of 2023.
Cumulatively, the company achieved sales of KRW806.3 billion ($577.7 million), reflecting a 7.2 percent increase from KRW752.4 billion ($539.5 million) in the same period last year.
The company operates several prominent casinos, including Walkerhill, Jeju, Incheon Paradise City, and Busan Casino. Paradise Co now plans to enhance its appeal to international guests by developing a luxury hotel in Seoul and upgrading its VIP gaming areas.
Operating income for the current quarter reached KRW36.2 billion ($25.9 million), marking a 13.1 percent increase from KRW32.0 billion ($22.9 million) in the previous quarter. However, this figure represents a steep 36.6 percent decline compared to KRW57.1 billion ($40.9 million) in Q3 2023.
Cumulative operating income stood at KRW116.6 billion ($83.5 million), down 11 percent from KRW131 billion ($94.0 million) year-on-year.
Net income from continuing operations before income tax was KRW20.9 billion ($15.0 million), a 7.0 percent decrease from KRW22.4 billion ($16.0 million) in Q2 2024 and a dramatic 59.6 percent drop from KRW51.6 billion ($37.0 million) in the same quarter last year.
Cumulatively, net income before tax totaled KRW84.3 billion ($60.5 million), down 20.7 percent from KRW106.3 billion ($76.1 million) in the previous year.
