Paradise net profit down 86.5 pct, casino revenue up

South Korean casino operator Paradise Co reported a 86.5 percent year-on-year decrease in net profit for the third quarter of 2017, down to KRW1.4 billion.

Total sales increased 11.9 percent to KRW196.1 billion, with casino sales up 5.3 percent to KRW155.6 billion in the quarter.

However, the cost of sales rose by around 11.2 percent in the quarter to KRW163.6 billion, compared to KRW147.1 billion in 16Q3.

EBITDA saw a 38 percent improvement, reaching KRW27.2 billion.

Paradise Co said the rise in casino sales was due to a recovery in Chinese VIP play and solid growth from Japanese VIP. 

It also noted robust growth from Paradise City since its opening.