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Paradise Co nearly doubles casino sales year-on-year in June

South Korean casino operator Paradise Co Ltd has reported casino sales up 99.2 percent in June, compared to the same month in 2015.

Casino sales was reported at KRW 46.1 billion (US$39.6 million), boosted by a 107.9 percent rise in table game sales and a 25.1 percent increase in machine game sales, said the operator in a filing to the Korean Stock Exchange on Tuesday.

The near doubling of casino sales was attributed to poor performance in June 2015, when inbound tourism took a sharp drop due to an outbreak of Middle East Respiratory Syndrome, known as MERS in 2015.

Casino sales for the first half of 2016 reached KRW 299.8 billion, an increase of 2.2 percent from the first half of 2015.

In May, it was reported that Paradise Co’s 16Q1 earnings were shy of analyst estimates, due to higher casino labor cost, advertising costs and complimentary costs.

The foreigner only casino saw operating profit fall 32.2 percent year on year to KRW 15.3 billion (US$13.1 million), missing consensus estimates of KRW 19-20 billion for the quarter.

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