Paradise Co. reports profit down 12 percent in Y15Q4

South Korea foreigner-only casino operator Paradise Co Ltd reported net profit at KRW 3.68 billion (US$3.1 million) for Y15Q4, down 12 percent from the year before, according to a filing to the Korean Stock Exchange.

Paradise Co says sales went down 0.6 percent year on year in Y15Q4 to KRW 178.2 billion compared to  KRW 179.2 billion in the same period in 2014.

 For the full year of 2015, the casino operator reported a net profit of KRW 65.3 billion in 2015, down from KRW 96.4 in 2014. Casino sales came in at KRW 528.2 billion for the full year of 2015 compared to KRW 588.4 billion in 2014.

Paradise, which counts the Walker Hill, Jeju Lotte and Paradise Incheon amongst its properties is now building a casino resort at Incheon. The operator has partnered with Japanese pachinko operator Sega Sammy Holdings, which held a ground breaking in Nov. 2014. The KRW 1.3 trillion project has a total area of 330,000 square meters, and will feature 350 slot machines, 160 casino table games and 388 electronic table games. 

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