Saturday, August 13, 2022

South Korea’s Paradise Co. Q2 profit almost halves


South Korean casino operator Paradise Co. reported a 17 percent drop in Q2 revenue, while net profit almost halved.

Revenue was 143 billion won ($122.8 million), down from 172.5 billion won in the year-ago period. Net profit was 12.6 billion won, down 47 percent. Sales from the casino business, the largest segment, dropped by 17.6 percent to 122.7 billion won.

The company said the “soft drop,” which is manually counted by a dealer or pit boss in the quarter was 1.3 billion won, with the majority coming from Chinese VIP visitors at 789 billion won. Still, that was down from 1.1 billion won from China VIPs in the same quarter last year.

Paradise, which counts the Walker Hill, Jeju Lotte and Paradise Incheon amongst its properties, claimed a 47.4 percent market share at the end of the quarter.

Tourist visitation to South Korea was hit hard during the second quarter by an outbreak of Middle East Respiratory System, which triggered travel warnings by some governments, including those of Hong Kong and Macau.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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