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Paradise Co reports net loss of $3.97 million

February 16, 2024 South Korea Casino & HotelIndustry Updates

According to a document issued on Thursday, Paradise Co Ltd, the company that manages South Korea’s foreign-only casinos, recorded a net loss attributable to shareholders for the three months ending December 31, of KRW5.30 billion (US$3.97 million).

This is in contrast to a KRW4.05 billion loss during the same period last year and a KRW35.26 billion profit in the preceding quarter.

In the fourth quarter, the company recorded total sales of over KRW241.81 billion, a 15.3 percent decrease from the previous quarter but a 25.2 percent increase over the same period last year.

Operating profit for 2023’s fourth quarter was KRW14.73 billion, down 19.2 percent year over year and 74.2 percent from the previous quarter. According to Paradise Co, a higher number of visitors during the reporting period resulted in more cost limitations, which is mostly to blame for the decline in operating profit. During the period, the cost of sales increased by 32.2 percent year over year and 1.1 percent sequentially to KRW208.58 billion.

From October to December, total casino revenues climbed by 58.2 percent year over year, but decreased by 19.0 percent from the previous quarter to KRW93.84 billion. These figures show sales at Walkerhill in Seoul, Paradise Jeju on Jeju Island, and a property in Busan, the three gaming locations owned by Paradise Co.

Profits before interest, taxes, depreciation, and amortization (EBITDA) for the company’s fourth quarter were marginally greater than KRW34.70 billion, down 17.4% year over year and 55.0 percent sequentially.

Together with Japan’s Sega Sammy Holdings Inc., the integrated resort operations at the Paradise City resort in Incheon had a 13.0% decline in sales from the previous quarter, coming in at around KRW115.39 billion. However, compared to the same period last year, integrated resort revenues rose by 14.5%.

2023 saw an approximate KRW994.20 billion increase in sales overall, up 69.2 percent from the year before. Casino earnings climbed to KRW415.01 billion, a 117.8% annual rise.

Paradise Co. revealed a net profit of KRW66.36 billion, up 164.3 percent year over year, and a full-year EBITDA of KRW228.77 billion, up 23.0 percent from the prior year.

Original story by: GGRAsia

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