May 10, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  
Net profit at South Korean casino operator Paradise Co Ltd fell 62.1 percent year-on-year in the first quarter, the firm said in a filing on Tuesday to the Korea Exchange. It gave no commentary on the reason.
Such profit was KRW14.60 billion (US$12.4 million), compared to KRW38.47 billion in the prior-year period.
Judged sequentially however, first quarter profit rose threefold from the KRW3.62 billion achieved in the fourth quarter.
Sales rose 3.7 percent year-on-year in the first quarter, being KRW156.97 billion compared to KRW151.38 billion in the year-prior period.
Judged quarter-on-quarter, sales for the first three months of 2016 fell 11.9 percent.
Paradise Co currently operates a network of five foreigner-only casinos located in three major cities in South Korea and on the country’s holiday island of Jeju.
The firm is also constructing a foreigner-only casino resort called Paradise City (pictured), in Incheon, near the main international airport serving the country’s capital Seoul. The scheme broke ground in 2014. Paradise City is a joint venture project between Paradise Co and Japanese pachinko operator Sega Sammy Holdings Inc.
Earlier this month, Kangwon Land Inc – the operator of the only casino resort in South Korea where the country’s nationals are allowed to gamble – reported net income of KRW142.81 billion for the first quarter of 2016, up by 7.9 percent from the prior-year period.
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Hong Kong-listed casino developer Shin Hwa World Ltd, promoter of Jeju Shinhwa World (pictured), a complex with a foreigner-only casino in Jeju, South Korea, has announced a proposal for a capital...(Click here for more)
”Once Solaire North is fully ramped up, and both properties are generating a certain expectation that we have on cash flow… then we will probably launch the Paniman [casino] project”
Enrique Razon
Chairman and chief executive of Bloomberry Resorts