• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

South Korea’s Paradise posts 36 pct drop in 2Q profit

Aug 08, 2014 Newsdesk Latest News, Rest of Asia, Top of the deck  


South Korea’s Paradise posts 36 pct drop in 2Q profit

Chinese VIP players brought big money to South Korean casino operator Paradise Co Ltd in the second quarter of 2014, but it was not enough to offset a 35.9 percent drop in profit in the period.

Paradise reported net profit of KRW23.9 billion (US$23.1 million) in the three months to June 30, down from KRW37.3 billion a year earlier. Revenue in the second quarter increased by 12.4 percent year-on-year to KRW172.5 billion, Paradise said in a filing on Friday. Growth was mostly supported by casino revenue, which grew by 16 percent year-on-year to KRW148.8 billion.

Operating profit however went down 25.7 percent to KRW29.5 billion in the April to June period.

Paradise currently runs five foreigners-only casinos in South Korea, namely in Seoul, Incheon, Busan and Jeju.

The company said in its second quarter earnings statement that its casino drop increased by 16.8 percent from a year earlier to KRW1.7 trillion, largely thanks to the contribution of Chinese high rollers.

Chinese VIP players accounted for 66.1 percent of table drop at Paradise casinos during the second quarter of the year, according to Friday’s statement.

Paradise in July said it would withdraw from a proposed deal to acquire a controlling stake in hotel company Parnas Hotel Co. The casino firm said it would focus on the development of its new “Paradise City” resort, 40 kilometres (25 miles) west of Seoul.

The US$1.7-billion scheme, due to break ground in October, will include hotels and restaurants, and a foreigners-only casino. The project, due to open in 2017, is a joint venture with Japan’s Sega Sammy Holdings Inc, the holding company of Sammy Corp, a pachislot and pachinko machine manufacturer, and Sega Corp, a video games maker.

South Korean casinos currently only permit foreigners to gamble, except at Kangwon Land, a difficult-to-access location 150 kilometres southeast of Seoul in Kangwon province.

Paradise is banking on South Korea’s proximity to northeast China to woo more Chinese VIP gamblers with its new integrated resort. “There will be more rich people in China, and they will need to travel,” Choi Jong-hwan, chief executive of Paradise Sega Sammy Co, told Reuters this week in an interview. “This is a megatrend,” he added.


  • tweet
Related articles
  • L&W building game content across 3 pillars: Ken Jolly
    L&W building game content across 3...

    Jun 07, 2023  

  • Jeju Dream Tower’s May casino sales nearly US$9mln
    Jeju Dream Tower’s May casino...

    Jun 07, 2023  

More news
  • No Macau op yet asked GGR tax rate exemption: govt
    No Macau op yet asked GGR tax rate...

    Jun 09, 2023  

  • IGT casino, digital biz listing has potential: analyst
    IGT casino, digital biz listing has...

    Jun 09, 2023  


Latest News

No Macau op yet asked GGR tax rate exemption: govt

No Macau op yet asked GGR tax rate exemption: govt

Jun 09, 2023  

None of Macau’s six gaming concessionaires have so far applied for a form of “exemption” from the full 40-percent tax rate on casino gross gaming revenue (GGR), as potentially applicable...
Read More
IGT casino, digital biz listing has potential: analyst

IGT casino, digital biz listing has potential: analyst

Jun 09, 2023  

G2E Asia 2023: Singapore

  • Jackpot tech focus on tables not just slots: Paltronics
    Jackpot tech focus on tables not just slots: Paltronics

    Jun 09, 2023  

    Commercial opportunities for utilisation of...
  • Konami taps market-tried slots to refresh Asia op offer
    Konami taps market-tried slots to refresh Asia op offer

    Jun 08, 2023  

    Gaming content and equipment maker Konami says it is...
  • L&W building game content across 3 pillars: Ken Jolly
    L&W building game content across 3 pillars: Ken Jolly

    Jun 07, 2023  

    Casino gaming content and hardware provider Light &...
  • ETGs rapid growth segment in Asia: Interblock Michael Hu
    ETGs rapid growth segment in Asia: Interblock Michael Hu

    Jun 06, 2023  

    Electronic table games (ETGs) supplier Interblock dd is...
  • GLI offering RNG test tools, cybersecurity demand growing
    GLI offering RNG test tools, cybersecurity demand growing

    Jun 05, 2023  

    Random number generator (RNG) testing tools are among the...
  • Alfastreet’s new Verso cabinet heading to Asian markets
    Alfastreet’s new Verso cabinet heading to Asian markets

    Jun 01, 2023  

    Alfastreet, a manufacturer of electronic gaming machines,...
  • Sega Sammy Creation growing land-based, eyes online
    Sega Sammy Creation growing land-based, eyes online

    Jun 01, 2023  

    Casino equipment maker Sega Sammy Creation Inc is tweaking...
  • iGaming growing in Asia, ops tackling challenges: Uplatform
    iGaming growing in Asia, ops tackling challenges: Uplatform

    Jun 01, 2023  

    The iGaming segment in Asia “has grown rapidly” since...
  • ‘See before you play’ slot marketing tool, say tech suppliers
    ‘See before you play’ slot marketing tool, say tech...

    May 31, 2023  

    Showing slot machine players – via animations on the...
  • Macau stocks tied to China outlook: Bloomberg analyst
    Macau stocks tied to China outlook: Bloomberg analyst

    May 31, 2023  

    Macau stocks in likelihood “have been punished too much...
  • Investors still eye possible fresh IR locations in Japan: scholar
    Investors still eye possible fresh IR locations in Japan:...

    May 31, 2023  

    There are foreign companies still interested in investing...
  • Thai casino law possible in 2024, IR in 2030: govt adviser
    Thai casino law possible in 2024, IR in 2030: govt adviser

    May 31, 2023  

    Thailand could pass the necessary enabling legislation for...
  • China still ‘critical’ to Asian markets: G2E Asia panel
    China still ‘critical’ to Asian markets: G2E Asia panel

    May 30, 2023  

    China will remain a key market for Asian gaming...
  • Much interest in state casinos sale, says Pagcor boss Tengco
    Much interest in state casinos sale, says Pagcor boss

    May 30, 2023  

    Alejandro Tengco (pictured in a file photo), chairman and...
  • Gaming industry in for a very exciting period: Bill Miller
    Gaming industry in for a very exciting period: Bill Miller

    May 30, 2023  

    There are “plenty of reasons” for the global gaming...
  • IGT flags route to high-performing games for Asia
    IGT flags route to high-performing games for Asia

    May 30, 2023  

    Gaming equipment provider International Game Technology Plc...
  • G2E Singapore trade show, conference begins today
    G2E Singapore trade show, conference begins today

    May 30, 2023  

    The Global Gaming Expo (G2E) Asia 2023 Special Edition:...
  • Novomatic’s Black Edition II cabinets at G2E in Singapore
    Novomatic’s Black Edition II cabinets at G2E in Singapore

    May 29, 2023  

    Austria-based gaming equipment maker and operator Novomatic...
  • Uplatform to show latest iGaming products at G2E Singapore
    Uplatform to show latest iGaming products at G2E Singapore

    May 25, 2023  

    Sports betting and online casino operating platform...
  • L&W ambition to be No1 in Asia well on its way: SVP gaming
    L&W ambition to be No1 in Asia well on its way: SVP...

    May 24, 2023  

    The business performance in Asia of gaming content and...
  • G2E Singapore expecting 6k visitors, 100+ exhibitors
    G2E Singapore expecting 6k visitors, 100+ exhibitors

    May 18, 2023  

    The organisers of Global Gaming Expo (G2E) Asia 2023...
  • ‘Dragon Unleashed’ slot link by L&W at G2E in Singapore
    ‘Dragon Unleashed’ slot link by L&W at G2E in...

    May 17, 2023  

    Gaming content and equipment supplier Light & Wonder...
  • Sega Sammy Creation new multi-ETG at G2E in Singapore
    Sega Sammy Creation new multi-ETG at G2E in Singapore

    May 16, 2023  

    Casino equipment maker Sega Sammy Creation Inc is to...
  • Aristocrat at G2E Asia in Singapore previews Year of Dragon
    Aristocrat at G2E Asia in Singapore previews Year of Dragon

    May 09, 2023  

    Casino slot machine and digital gaming content provider...
  • IGT ‘Prosperity’ link in Asia show debut G2E in Singapore
    IGT ‘Prosperity’ link in Asia show debut G2E in...

    May 05, 2023  

    The Global Gaming Expo (G2E) Asia event in Singapore is the...
  • Thai parliament adviser on casinos attending G2E Singapore
    Thai parliament adviser on casinos attending G2E Singapore

    May 04, 2023  

    An adviser to a Thailand parliamentary committee mulling...

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We believe the intrinsic value of IGT’s market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT’s shareholders”

Marco Sala

Executive chair of casino equipment supplier IGT



Most Popular

  • China Politburo meeting key for any policy shift: UBSChina Politburo meeting key for any policy shift: UBS June 7, 2023
  • No Macau op yet asked GGR tax rate exemption: govtNo Macau op yet asked GGR tax rate exemption: govt June 9, 2023
  • Suntrust to get up to US$446mln loan from local bankSuntrust to get up to US$446mln loan from local bank June 9, 2023

Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us