Paradise Company Limited, a South Korean and local casino operator, reportedly reported strong hotel sales related to rising domestic demand pushed its second-quarter profit to about $14.4 million.
The results were largely static year-on-year, but represented an increase of about 165% on the company's first-quarter deficit of about $22 million, according to a report by Inside Asian Gaming. The sources also explained that the Seoul-listed operator benefited from a one-off profit of about $52.9 million in the three months to the end of June.
Coronavirus Results:
Paradise Company Limited is said to be responsible for a huge Paradise City integrated casino resort near the port of Incheon and a small hotel-based company in Jeju, Busan, and Seoul. All of these foreign-only businesses have seen a significant drop in customer numbers since the coronavirus pandemic, but recently reported a 24.3% year-on-year increase in total sales in the second quarter to $81.1 million.
Quarterly Quality:
Inside Asian Gaming also reported that Paradise Company Limited's second-quarter total revenue fell 5.8% year-over-year to about $21.9 million and Paradise City revenue rose 42.1% to about $34.8 million. All of that equates to a sequential 300% increase in the casino operator's related adjusted earnings before interest, taxes, depreciation and amortization to $2.2 million and was far better than the $2 million loss recorded in the same three months in 2021.
Key Properties:
Paradise Company Limited reportedly said hotel sales were particularly strong during the second quarter at Paradise City Development, which operates in partnership with minority partner Sega Sammy Holdings. The company went on to say gaming revenue for these 711 rooms rose 32.2% year-over-year to about $14.2 million, while hotel revenue rose 36.6% to $17.7 million, turning related adjusted earnings before interest, taxes, depreciation and amortization into a surplus through revenue of $3.2 million.
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