Paradise recovers Q3 operating profit plus EBITDA
Paradise Inc, which operates foreign-only casinos in South Korea, said it had switched to operating profit and positive earnings before interest, taxation and depreciation costs (EBITDA) for the third quarter ended in September, a performance fueled by “significant cost savings.”
Paradise posted a third-quarter operating profit of 4.81 billion won ($4.09 million) and an operating loss of 31.06 billion won and a negative EBITDA of 5.23 billion won, according to data filed on Tuesday.
In the reporting quarter, Paradise Corp. noted “stable” gaming demand from its so-called “local” and foreign customers (Koreans with foreign ID cards). The group’s overall hotel sales also rose thanks to “strong local leisure demand,” according to the company’s comments, which were included in the earnings summary.
The casino operator posted a net loss of 10.58 billion won in the third quarter, down from a net loss of 31.99 billion won a year earlier.
The group’s overall third-quarter revenue rose 34.5% year-over-year to 121.76 billion won, and is believed to have increased 43.8% quarter-over-quarter.
Casino sales in the third quarter were 44.96 billion won, up 12.1% year-over-year and 47% sequentially.
The Incheon Paradise City Casino Resort (pictured) near Seoul’s main airport saw casino sales rise 105.7% year-on-year and 123.4% sequentially to 31.12 billion won in the quarter. Paradise shares economic interests in Paradise City with Japanese group Segasami Holdings through Paradise Segasami Inc.
Paradise Segasami’s third-quarter EBITDA was 13.96 billion won, down from negative EBITDA registered in the previous quarter and the prior year quarter. The venture recorded negative EBITDA of 11.04 billion won in the third quarter of last year and negative EBITDA of 1.85 billion won in the second quarter.
During the reporting period, the company reopened its theme parks and spas in Paradise City from July 16. The property also saw an increase in hotel sales thanks to “strong domestic leisure demand.”
One of Paradise City’s two hotels, Hotel Art Paradiso, temporarily closed on July 1 and remained so “until further notice,” Paradisa said.
Other gaming establishments in Paradise are Walkerhill in Seoul, Jeju Grand on Jeju Island, and Busan Casino in the southern port city of Busan.
BY: 토토사이트 추천