Paradise Inc., which operates foreigner-only casinos in South Korea, said it switched from losses in 2018 to full-year profit in 2019.
This net profit was 14.96 billion won (US$12.3 million), recording a net loss of nearly 210.5 billion won in the previous reporting period.
In a filing to the Korea Exchange on Wednesday, the company said the increase in operating profit from increased casino sales at Paradise City (pictured), a gaming resort conducted by Paradise and Japan's Segasammi Holdings through Paradise Segasammi Inc., had a positive impact on its 2019 results.
Paradise City made an annual operating profit of 20 billion won through a separate investor briefing session posted on Paradise's corporate website.
Paradise City is located in Incheon, near the main international airport serving the Korean capital of Seoul. Hotels and foreigner-only casinos opened in April 2017, and have steadily added other non-gaming amenities ever since.
Paradise Co., Ltd. recommended Wednesday that it carry out year-end dividends for shareholders with a total of less than 8.52 billion won. If approved by shareholders at the company's general meeting scheduled for March 27, the payment will be made on April 24 to registered shareholders as of Dec. 31.
Paradise's total revenue in 2019 was KRW 979.43 billion, up 24.4% year-on-year, slightly below KRW 787.62 billion in 2018.
Casino sales were just under 408.31 billion won in 2019, up 41.7% of the group's total sales and 5.4% year-on-year, according to data released separately to investors. That compares with sales of nearly 387.35 billion won achieved in 2018, accounting for 49.2% of the group's total sales.
'Integrated Resort' sales, which refer to Paradise City, amounted to KRW 463.17 billion in 2019, accounting for 47.3 percent of the group's total sales, with an increase of 53.6 percent year-on-year. In 2018, sales of integrated resorts amounted to KRW 301.6 billion, accounting for 38.3 percent of the group's sales.
BY: 바카라사이트