Paradise Co. down

    Paradise,which operates five foreigns only casinosin South Korea, posted a 35.9 percent drop in net profits, at $23.1 million (KRW 23.9 billion), for the second quarter of the year. Casino revenue was up 16.6 percent, raking in KRW 148.8 billion for the 14Q2 and KRW 299.6 billion for 1H14. Operating profit was down 25.7 percent yoy, the company also said in a stock filing. Table drop on down to KRW 1.73 trillion in 14Q2 from KRW 1.86t in the previous quarter. Net sales were up to KRW 180b from KRW 172b in the previous quarter. Mainland VIP expenditure was down to KRW 1.7t, after peaking at 1.86t in 1Q14, as well as visitation.Paradise’s market share was up, to 54.8 percent, with the Walker-hill casino accounting for 32.6 percent of the overall GGR, raking in KRW 107 billion.