Paradise Q3 Profit Up 12pct With Help from Paradise City

South Korea’s Paradise Corp., which operates foreign-only casinos in South Korea, said Thursday its third-quarter profit rose 11.6 percent year-on-year, marking a 7.3 percent rise in group sales.

It was just under 4.72 billion won ($4.21 million) compared to 4.23 billion won in the same period last year.

During the period, group sales were 210.5 billion won, up from 196.1 billion won a year earlier.

Casino sales rose 5.9% in the three months to Sept. 30 from 155.6 billion won to 164.7 billion won.

Casino sales at Paradise City (pictured), an Incheon casino resort that opened in April 2017, were roughly equivalent to Paradise Walker Hill in Seoul, which has the best sustained performance in Paradise, the document showed.

Paradise City Q3 casino revenue was approximately KRW 677 million, compared with KRW 685 million for Walkerhill.

Data also showed that casino declines contributed by China’s VIP have improved sequentially at properties in Paradise since the end of the fourth quarter of 2017, but have yet to recover the level of the quarter recorded as of the end of the third quarter of 2017.

Many investment analysts have previously noted that South Korea’s foreign-only casino market was negatively affected in 2017 after a decline in Chinese tourism following a conflict between China and South Korea over the U.S. missile system.

The casino decline for Chinese VIPs in the third quarter of 2018 was W402 billion, accounting for 27.7 percent of the total quarterly decline of just over W1.45 trillion. During the reporting period, the biggest contribution was Japanese VIPs, which recorded W521 billion.

“Casino declines in Paradise City are again at record highs,” the company said in some comments on its results.

The company added on the property: “Solid casino growth continued by Japan and other VIPs. The falling amount rose for the fourth month in a row.”

Paradise City’s management has been increasing the volume and variety of out-of-game entertainment in an effort to attract fresh customers from across the region. Last week, it was announced that the theme park will open in Paradise City in the first half of next year. Paradise City is operated by Paradise Segasammi Inc., a joint venture between Japan’s Sega Sami Holdings and Paradise Inc.

On a full and segmental basis, casino sales at Walkerhill, Jeju Grand and Busan properties fell 3.0% year-on-year due to weak performance at Jeju Grand and Busan, the company said.

On a group-wide basis, Paradise Co Hotel sales rose 13.8% to only 39.35 billion won.

The group’s overall sales costs also rose 10.4% to 180.25 billion won in the reporting period.

Operating profit rose 3.5% to just under 10.81 billion won, but operating profit fell 2 basis points to 5.1%.

BY: 바카라사이트 추천

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