Paradise net profit down 20.5 percent in 15Q1

South Korean casino operator Paradise Co. Ltd reported a decrease of 20.5 percent in net profit for the first quarter of 2015 to KRW40.5 billion ($37.1 million).

The company’s revenue for the first three months ended March 31 declined 11.2 percent year-on-year to KRW151.4 billion, mainly caused by a 13 percent fall in casino revenue to KRW131.2 billion. Operating profit went down 29.3 percent to KRW22.6 billion during this period.

Paradise, which runs five foreigners-only casinos in South Korea, saw a 3 percent dip in market share at its flagship Walker-hill casino to 26.1 percent while its Paradise Jeju Grand gained a 1.4 percent share of the market to 3.7 percent, according to the Korean Casino Association. The company’s total market share during the first quarter was 46.9 percent , down from 51.1 percent a year earlier and from 49.5-percent share in the previous quarter.

The number of Chinese VIP patrons declined 17 percent year-on-year while the number of VIPs from Japan fell 16 percent year-on-year.