South Korean casino operator Paradise Company Limited has released its consolidated financial results for June showing a 99.2% increase year-on-year in total sales to approximately $39.6 million.

According to a report published in GGRAsia, financial firm Korea Investment And Securities explained that June of last year was a particularly poor month performance-wise for South Korean casinos as they struggled with a sudden decline in tourist numbers brought about by the outbreak of Middle East Respiratory Syndrome (MERS).

However, this condition has since somewhat abated with Korea Investment And Securities declaring last month that it expected Paradise Company Limited to see a “profit upturn” beginning in June “on a low comparison base” when compared with the same period in 2015.

In its most recent filing with the Busan-based Korea Exchange, Paradise Company Limited revealed that its table games sales for June had risen by 107.9% year-on-year to roughly $37.1 million while monthly earnings from its machines improved by 25.1% to approximately $2.5 million. The firm declared that the figures were from its Paradise Casino Jeju Grand property on Jeju Island combined with those from its other venues in Seoul, Busan and Incheon although the total was some 22.8% lower when compared with May.

Paradise Company Limited stated that total casino sales for the first half of 2016 had grown by 2.2% year-on-year to hit approximately $259.6 million helped by a 2.8% boost in table earnings to around $244.2 million. However, machine sales for the six-month period declined by 6.5% to nearly $15.4 million while table drop fell by 2.3% to about $2.1 billion.

“This year, [Paradise Company Limited’s] profit should substantially improve on the base effect with operational profit likely to swell 47.2% year-on-year in the second quarter of 2016 and 89.2% year-on-year in the third quarter of 2016,” read last month’s analysis from Korea Investment And Securities.

Leave a Reply

Your email address will not be published.