Jul 11, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  
South Korean casino operator Paradise Co Ltd is likely to see a “sharp earnings improvement” in the third quarter of 2016 based on a low comparison base from the prior-year period, said Seoul-based brokerage Shinhan Investment Corp.
“Casino revenues are expected to grow at a monthly average of 30 percent to 50 percent year-on-year in the third quarter of 2016,” said analyst June-won Sung.
Shinhan Investment, a subsidiary of Shinhan Financial Group Co Ltd, provides security brokerage and investment banking services in South Korea.
The brokerage said in a note last week it expects Paradise Co to report consolidated sales of about KRW189.9 billion (US$165.5 million) for the third quarter of 2016, up by 33 percent year-on-year. Operating profit is expected to increase by 139.9 percent year-on-year to KRW27.5 billion, it added.
“Casino revenues should reach KRW164.4 billion (+39.9 percent year-on-year). In the fourth quarter of 2016, consolidated operating profit is estimated [forecast] at KRW27.2 billion (+146.6 percent year-on-year),” said Mr Sung.
Paradise Co’s casino sales for the first half of 2016 reached approximately KRW299.8 billion, a 2.2 percent increase from the prior-year period. In June, the casino operator reported casino sales of KRW46.1 billion, up by 99.2 percent from the prior-year period.
The numbers are for gaming sales at Paradise Co’s casino division, comprising the properties Walkerhill, in Seoul; Jeju Grand on Jeju Island; Incheon, near Incheon International Airport; and Busan Casino.
“Paradise is expected to have seen second quarter 2016 consolidated operating profit of KRW25 billion, up by 88.6 percent year-on-year,” said Shinhan Investment’s Mr Sung.
Feb 26, 2021
Feb 24, 2021
Mar 02, 2021
Mar 02, 2021
Mar 02, 2021
The International Gaming Standards Association (IGSA) has added to its board Scott Cowan, manager of destination gaming at Canada’s Atlantic Lottery Corp. Other sitting senior officials and board...
(Click here for more)
”Consumers are increasingly comfortable using cashless technology, and they will continue to expect this option to be available on the floor"
Matt Wilson
Chief executive – gaming business at casino equipment and technology supplier Scientific Games