Paradise Records $14M Q2 Profit On One-Time Profit

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Paradise Inc., which operates foreign-only casinos in South Korea, saw its shareholders’ net profit fall 1.6 percent on-year in the second quarter to just under 18.61 billion won ($14.2 million).

The group said in a filing with the Korea Exchange on Wednesday that profits achieved in the three months to June 30 were supported by “one-time gains from building disposal” of 68.66 billion won.

Paradise posted a net loss of nearly 28.58 billion won in the first quarter of this year.

Casino sales fell 5.8% year-on-year to 28.81 billion won in the second quarter. On a quarter-on-quarter basis, the decrease was 7.0%. The group said it “generated casino revenue from locals and expats” during the reporting period.

According to some industry commentators, foreigner-only casinos in Korea benefit from some of the customs offered by the country’s citizens, who have overseas residency or passports issued by other countries.

Paradise said its quarterly hotel accommodation sales rose “on the back of strong second-quarter domestic demand.” Those sales rose 31.4% year-over-year to 28.38 billion won. Quarterly, they were up 30.9%.

Sales of the “integrated resort” project, which is a joint venture with Japan’s Sega Sammy Holdings at Paradise City Resort in Incheon, rose 42.1 percent year-on-year to nearly W45.22 billion. On a sequential basis, these sales dropped 1.0 percent.

Consolidated resort sales figures include sales of casinos, hotels and theme parks in Paradise City.

Paradise said the venture company at the Incheon complex is expected to enjoy “an operating profit surplus starting in the third quarter thanks to casino recovery following VIPs in Japan and strong hotel profits during the peak season.”

Those who hold travel documents issued by Japan, Taiwan, or Macau will be allowed visa-free entry to Korea during August.

On June 1, the country resumed several short-term visa programs for foreign visitors, which it had suspended for about two years during the COVID-19 pandemic crisis, but a casino operator later told GGRA it had taken a month to process some tourist visa applications.

Paradise operates real estate in its casino locations, Walkerhill, Seoul, Paradise Jeju, Jeju Island, and the port city of Busan.

BY: 온라인카지노

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