Paradise Posts 35.5 Billion Won Operating Profit in Q2, Down 17% Year-on-Year

2Q Revenue Reaches 318.1 Billion Won, Up 11.8%
Paradise City Achieves Record-High Quarterly Revenue

Paradise announced that its consolidated revenue for the second quarter of this year (April to June) reached 318.1 billion won, an increase of 11.8% compared to the same period last year, while operating profit fell by 17% to 35.5 billion won. Net profit for the period dropped by 35% to 21 billion won.

Revenue increased as the casino drop amount (the amount customers paid to exchange for chips) went up and Hyatt sales expanded due to the consolidation, but the incorporation of Hyatt's operating expenses as well as additional labor costs (excluding Hyatt), comps, and advertising costs caused operating expenses to rise, resulting in a decline in profitability.

On a consolidated basis, the casino drop amount for the second quarter was 2.0585 trillion won, a 12.2% increase from the same period last year and a quarterly record high.

Paradise City, the company’s core business location, achieved a record-high quarterly revenue of 167.2 billion won driven by strong performance in both the casino and hotel segments. However, operating profit shrank by 34% year-on-year to 20.2 billion won due to costs associated with the full-scale operation of the Hyatt. The operating profit margin was 12.1%.

For the first half of this year, Paradise reported accumulated revenue of 612.1 billion won and operating profit of 72.9 billion won. Compared to the same period last year, revenue increased by 7.8% while operating profit decreased by 27.3%.

This content was produced with the assistance of AI translation services.