Paradise Records Q4 Losses Despite Higher Sales

Paradise Inc., which operates foreign-only casinos in South Korea, reported a net loss of just under 39.1 billion won in the fourth quarter, according to data submitted to the Korea Exchange Wednesday. This is an improvement from a loss of 470.4 billion won a year ago, but contrasts with a profit of 39.37 billion won in the third quarter.

The casino company reported fourth-quarter revenue of 193.2 billion won, up 2.0% sequentially and up 73.3% year-over-year.

In a separate announcement on Wednesday, the company said casino sales fell 17.0% quarter-on-quarter to 59.31 billion won in the last three months of 2022. It was up 19.7% year-on-year.

Paradise operates real estate in its casino locations, Walkerhill, Seoul, Paradise Jeju, Jeju Island, and the port city of Busan.

At Paradise City Resort in Incheon (pictured), sales of its "integrated resort" business, a joint venture with Japan's Sega Sammy Holdings, rose 27.7 percent quarter-on-quarter to less than W107.09 billion. Revenue is believed to have risen 186.1 percent year-on-year.

Consolidated resort sales figures include sales of casinos, hotels and theme parks in Paradise City.

Paradise Segasammi Complex Venture's fourth-quarter sales rose 66.0% year-on-year to W78.1 billion.

For the three months to Dec. 31, the group's overall sales were 157.76 billion won, up 15.3% sequentially and 32.6% year-on-year.

Operating profit for the reporting period was KRW 18.23 billion, down 52.5% from the previous quarter, but it is an improvement in the deficit of KRW 20.42 billion in the last quarter of 2021.

For all of 2022, Paradise reported a net profit of 25.49 billion won, compared to a loss of 52.53 billion won in the previous year. Total sales rose 41.8% year-on-year to 587.64 billion won, and casino sales rose 17.0% to 19.58 billion won.

Revenue from the integrated resort business rose 67.5% year-on-year to 270.58 billion won, the company said.

BY: 카지노사이트