"Tourism Resumption and Hotel Boom" Paradise Reports 3Q Operating Profit of 38.3 Billion KRW, Up 697% YoY (Comprehensive)

[Asia Economy Reporter Jeon Jinyoung] Paradise announced on the 10th that its consolidated operating profit for the third quarter of this year reached 38.348 billion KRW, a 697.1% increase compared to the same period last year. Sales amounted to 189.486 billion KRW, up 55.6% from the same period last year. Net profit turned positive at 42.653 billion KRW.

Looking at the performance by subsidiaries, Paradise's operating profit was 17.059 billion KRW, a 550.4% increase compared to the same period last year. Sales rose 65.3% during the same period to 76.884 billion KRW. The increase in sales appears to be driven by rising sales from Korean residents abroad and the easing of entry restrictions for Japan.

Paradise Segasami's operating profit turned positive at 10.961 billion KRW. Sales increased 51.6% year-on-year to 78.920 billion KRW. This figure is 35% higher compared to the third quarter of 2019, before COVID-19. The rise in average room selling price and the reopening of Cimer and Wonderbox in July last year, which led to a recovery in Fun City sales, had an impact.

Paradise Hotel Busan's operating profit was 9.766 billion KRW, a 265.1% increase compared to the same period last year. Both room occupancy rate and average room selling price recorded their highest levels ever for the third quarter.

In the case of the casino, the third quarter drop amount was 895 billion KRW, a 134.9% increase compared to the second quarter. A Paradise official explained, "It seems to have increased as Japanese customers began entering the country in July with the resumption of tourist visa issuance."

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