• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

S.Korea’s Paradise Co slims 2Q loss on higher revenue

Aug 09, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck  


S.Korea’s Paradise Co slims 2Q loss on higher revenue

South Korean casino operator Paradise Co Ltd on Wednesday reported a net loss of approximately KRW1.7 billion (US$1.5 million) for the three months ended June 30. That compared to a loss of nearly KRW19.5 billion in the second quarter of 2017, the firm said in a filing to the Korea Exchange.

The company had reported a net profit of about KRW3.1 billion for the first three months of 2018. For the six months to June 30, the firm recorded an accumulated profit of approximately KRW1.4 billion, it said.

Paradise Co disclosed an operating loss of KRW67 million for the second quarter of 2018, compared to an operating loss of approximately KRW27.3 billion a year earlier.

The improvement in its latest quarterly results was on higher sales during the period, said the firm. The casino operator stated that total revenue from sales rose by 29.4 percent year-on-year, to nearly KRW181.1 billion in the second quarter.

The company reported casino sales of KRW146.9 billion for the three months to June 30, up 27.9 percent from the prior-year period.

The revenue improvement seen in the second quarter of 2018 reflected an easier comparison from the year-ago period. At the time, according to investment analysts, the South Korean market for inbound tourism was facing headwinds due to a political row between that country and China over the siting on South Korean soil of a U.S.-supplied missile system – known as Terminal High Altitude Area Defense (THAAD) – designed to counter North Korea’s ballistic missile programme.

In a separate presentation published on Wednesday, Paradise Co said casino sales were up due to “solid traffic” from Japanese and other VIP customers, “offsetting weak Chinese VIP demand”.

The number of Chinese visitors to South Korea fell 3.7 percent year-on-year in the first six months of this year, according to data from the Korea Tourism Organization. Chinese tourists accounted for 30.1 percent of all visitor arrivals to South Korea in the six months to June 30.

Paradise Co’s latest casino figures are based on the results of four venues it operates, all foreigner-only casinos, namely: Walkerhill in Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City (pictured), in Incheon, near the main international airport serving the country’s capital Seoul.

The firm said in its latest presentation that casino drop at its newest and largest resort, Paradise City, had hit “a record high” in the reporting period. Casino sales at the property reached nearly KRW53.5 billion in the second quarter of 2018, up 52.6 percent from a year earlier.

Nonetheless, Paradise City – a venture between Paradise Co and Japanese pachinko operator Sega Sammy Holdings Inc – recorded a net loss of KRW8.1 billion, an improvement on the KRW21.8 billion loss reported in the year-ago period.

Paradise Co reported table drop of KRW1.39 trillion for the second quarter, compared to KRW1.12 trillion in the prior-year period. Chinese VIP patrons to the firm’s casinos accounted for 24.5 percent of the total table drop in the April to June period, according to Wednesday’s statement. Japanese VIP customers accounted for 36.2 percent of the total table drop in the period, with their contribution increasing by 38.7 percent in year-on-year terms.

In a separate filing also on Wednesday, Paradise Co announced that in July its casino sales grew by 23.9 percent year-on-year, to KRW62.4 billion.


  • tweet
Related articles
  • Casino firm Landing flags 10pct-20pct slimmer year loss
    Casino firm Landing flags 10pct-20pct...

    Mar 05, 2021  

  • Paradise Co posts sharp Feb casino revenue decline
    Paradise Co posts sharp Feb casino...

    Mar 04, 2021  

More news
  • Fitch says LVS Nevada sale slight negative, Moody’s keener
    Fitch says LVS Nevada sale slight...

    Mar 05, 2021  

  • Travel ban on casino hub Sihanoukville: reports
    Travel ban on casino hub Sihanoukville:...

    Mar 05, 2021  


Latest News

Fitch says LVS Nevada sale slight negative, Moody’s keener

Fitch says LVS Nevada sale slight negative, Moody’s keener

Mar 05, 2021  

Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Read More
Travel ban on casino hub Sihanoukville: reports

Travel ban on casino hub Sihanoukville: reports

Mar 05, 2021  

Melco says City of Dreams in Cyprus open summer 2022

Melco says City of Dreams in Cyprus open summer 2022

Mar 05, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"

Junling Tan, Yu Sheng Tay and Vikas Halan

Analysts at credit rating agency Moody’s Investors Service



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us