Paradise Inc., which operates foreigner-only casinos in South Korea, reported a net profit of 29.41 billion won for shareholders in the three months to June 30, data released Thursday showed. This was up 320.7 percent from the previous quarter and up 58.1 percent from a year earlier.
The casino company reported second-quarter total revenue of nearly 275.29 billion won, up 43.7% sequentially, and a 161.6% year-over-year increase.
The company said casino sales rose 89.4% quarter-on-quarter in the April-June period, slightly below 134.4 billion won. The increase was 366.4% year-on-year.
Casino sales directly operate three casino venues: Walkerhill in Seoul, Paradise Jeju in Jeju Island, and real estate in the port city of Busan.
Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 78.8% sequentially to just under W7.50 billion. EBITDA figures were W2.91 billion a year earlier.
Sales of the "Integrated Resort" project, which is a joint venture with Japan's Segasammi Holdings at Paradise City Resort in Incheon, rose 19.9 percent quarter-on-quarter to nearly 109.41 billion won. The report showed a 142.0 percent increase year-on-year.
Consolidated resort sales are the sum of Paradise City's casinos, hotels, and theme parks. Paradise City's casino sales in the second quarter amounted to 82.2 billion won, up 29.7% sequentially and 346.4% year-on-year.
Paradise City Real Estate generated 28.35 billion won in EBITDA, up 17.5% from the previous quarter, up 573.9% from a year earlier. 카지노사이트 모음
Paradise said sales continued to grow in the second quarter, driven by Japanese and popular market customers, helping offset a "slow recovery in the Chinese market."