Paradise has reduced losses due to influx of Japanese players
South Korean casino operator Paradise Co. Ltd managed to significantly reduce its losses in the second quarter of 2018. The company associates the improvement of its financial situation with the influx of Japanese VIP-players into Paradise's four casinos.
Net losses of the operator decreased by 91% — to $1.5 million. Compared to a year earlier, the indicator decreased by more than 10 times. Operating losses amounted to $59.9 thousand.
The company's net profit in the second quarter was $2.77 million. In the first and second quarter, Paradise's total profit reached $1.25 million. Total revenue from casino sales increased by 29.4% to $161.77 million.
Representatives of the company stressed that the growth of attendance of VIP-players from Japan leveled the decline of the Chinese VIP-segment. According to the Korean Tourism Organization, in the first half of 2018 the number of Chinese tourists was 30.1% of the total number of visitors to South Korea, which is 3.7% less year on year.
Paradise Co. Ltd. operates four casinos: Walkerhill (Seoul), Jeju Grand (Jeju Island), Busan Casino (the port city of Busan), an integrated resort-casino Paradise City (Incheon), which recorded record sales for the second quarter in amount of $47.79 million.
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