Paradise Company Limited Revives Q2

South Korean and local casino operator Paradise Company Limited reportedly reported second-quarter profit growth to about $14.4 million on strong hotel sales linked to increased domestic demand.

According to a report by Inside Asian Gaming, the results were largely static year-on-year, but indicate that the company's first-quarter deficit increased by about 165% to about $22 million. The source also explained that the Seoul-listed operator had benefited for the three months to the end of June, backed by a one-off profit of about $52.9 million in connection with the disposal of unnamed buildings and the recent easing of various coronavirus-related travel restrictions.

Coronavirus results:

be blueIs Company Limited is a giant farada near the port city of IncheonIt is known to be responsible for IS City Integrated Casino Resort and small hotel-based companies in Jeju, Busan and Seoul. All of these foreign-only operations reported a significant drop in customer numbers after the coronavirus pandemic, but recently saw their second-quarter total revenue rise 24.3% year-on-year to $81.1 million.

Quarterly Quality:

Inside Asian Gaming also reported a total second-quarter revenue decline of 5.8% year-over-year to about $22.2 million for Paradise Company Limited. Paradise City's revenue rose 42.1% to about $34.8 million. All of this was reportedly $2.2 million in adjusted earnings before interest, taxes, depreciation and amortization by casino operators, equivalent to a 300% sequential increase and far outperformed the $2 million loss recorded in the same three months of 2021.

PARADISE COMPANY LIMITED IN PARTICULARLY OPERATED IN COOPERATION WITH MINORITY PARTNER SEGA SAMI HOLDINGSESCITY DEVELOPMENT SAYS HOTEL SALES HAS BEEN HIGH FOR Q2. The company said game revenue from 711 rooms increased 32.2% year-on-year to $14.2 million, while hotel revenue increased 36.6% to $17.7 million and recovered related revenue adjusted to $2 million through interest and depreciation.

Operator optimism:

Farada with good newsIs Company Limited reportedly cited "increasing demand for accommodation at five-star hotels" as another reason for its second-quarter revenue growth, which also claimed that its average daily rates continued to improve and that it expects operating profit to recover from Q3 on the back of a recovery in casinos and strong peak-season hotel sales by Japanese VIPs  슬롯머신