Paradise Inc., which operates a casino exclusively for foreigners in South Korea, reported a net profit of nearly 25.94 billion won (US$19 million) in the first quarter of 2024, according to data released Thursday.
This represents a 271.1% year-on-year increase, compared with a net loss of 9.1 billion won in the last quarter of 2023.
The casino company's total revenue for the first quarter was 264.77 billion won, up 38.2% year-on-year, and up 9.5% quarter-on-quarter.
Paradise posted operating profit of 48.4 billion won in the first quarter of 2024, up 154.5% from a year earlier. The figure represents a 228.7% increase from the previous quarter.
The casino company reported first-quarter earnings before interest, taxation, depreciation and amortization (EBITDA) of just 68.13 billion won, up 62.4% from a year ago. EBITDA figures increased 96.3% sequentially.
The company said casino gross revenue rose 44.1% year-over-year to W102.27 billion in the three months to March 31. This represents a 9.0% increase over the final quarter of 2023.
Casino sales were tallied for three game venues: Walkerhill in Seoul, Paradise Jeju on Jeju Island, and real estate in the port city of Busan, which are directly operated by Paradisco.
In a separate presentation deck on Thursday, the company said it achieved a quarterly "best ever" table drop in the first three months of 2024.
Table declines in the popular market sector and Japan's VIP customers, an important player source in Paradise, were "good" above pre-COVID levels, it added.
Sales of the "integrated resort" project, which is a joint venture with Japan's Sega Sammy Holdings at Paradise City Resort in Incheon, rose 45.0 percent year-on-year to about W132.32 billion. Compared to the previous quarter, those sales were up 14.7 percent.
Consolidated resort sales are the sum of Paradise City's casino, hotel, and theme park sales. Paradise City's casino sales rose 61.8% year-on-year and 21.3% sequentially to 102.58 billion won in the three months to March 31.
Paradise City Real Estate increased 78.4% year-on-year to 43.7 billion won in EBITDA, up 176.7% quarter-on-quarter.
In March, Paradise said its shareholders approved the delisting of the nation's KOSDAQ stock index and its transfer to the main exchange, the KOSPI.
BY: 온라인경마사이트