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Paradise Inc., which operates foreign-only casinos in South Korea, reported a net profit of just 39.37 billion won (US$28.7 million), according to data submitted to the Korea Exchange on Thursday.
This compares to a net loss of 6.19 billion won in the previous year. On a sequential basis, the net income of shareholders increased by 111.6 percent. 바카라사이트
Paradise reported total revenue of 189.49 billion won in the three months to Sept. 30, up 55.6% from a year earlier. Compared to the previous quarter, it was up 80.1%.
Casino sales rose 59.0% year-over-year to 71.46 billion won in the third quarter, up 148.0% from the previous quarter.
Operating profit for the reporting period was 38.35 billion won, compared with 4.81 billion won a year ago. The group posted an operating loss of nearly 20.64 billion won in the second quarter of this year.
In a separate announcement released on Wednesday, Paradise said its third-quarter operating profit was "supported" by the recovery of its casino business, boosted by the return of Japanese VIP customers.
Since August, people with travel documents issued by Japan, Taiwan or Macau have been allowed to enter Korea visa-free.
On June 1, South Korea resumed several short-term visa programs for foreign visitors, which it suspended for about two years during the COVID-19 pandemic crisis.
Paradise Co said its quarterly hotel accommodation sales rose "on the back of strong third-quarter domestic demand." Those sales rose 44.3% year-over-year to 33.39 billion won. Quarterly, they were up 17.6%.
Sales of the "Integrated Resort" project, which is a joint venture with Japan's Sega Sammy Holdings at Paradise City Resort in Incheon, rose 51.6% year-on-year to W78.9 billion. On a sequential basis, these sales increased 74.5%.
Consolidated resort sales figures include sales of casinos, hotels and theme parks in Paradise City.
Paradise operates real estate in its casino locations, Walkerhill, Seoul, Paradise Jeju, Jeju Island, and the port city of Busan.