South Korean casino operator Paradise Co Ltd turned in a disappointing Q3 report card but said business was booming in October.
For the three months ending Sept. 30, revenue at Paradise’s five foreigners-only casinos fell 17.3% year-on-year to KRW 143b (US $124m), while profits fell 48% to KRW 12.3b.
Paradise and other South Korean casinos were hit hard this year by a double-whammy of AWOL Chinese VIP gamblers and an outbreak of Middle East Respiratory Syndrome (MERS) that put a serious damper on tourist levels.
However, the medical all-clear was sounded a few months back and the casino business has finally begun showing signs of life. Paradise said October’s revenue figure was up 87% from September and up 26% year-on-year, and while sales through the first 10 months of the year are down 12.5%, Paradise hopes to shrink that figure with a strong close to 2015.