Paradise Inc., South Korea's foreign-only casino operator, reported a net profit of about 34.21 billion won ($29.5 million) for shareholders in the three months to Sept. 30, up 626.3 percent from a year earlier. This compares with a net loss of about 2.06 billion won in the second quarter of 2019.

The company's third-quarter operating profit rose 280.0% year-on-year to slightly above 410.6 billion won, according to a filing with the Korea Exchange.

The year-over-year increase in third-quarter net income was driven by a surge in sales during the reporting period. Paradise said total revenue rose 30.4% year-over-year to 274.38 billion won in the three months ended Sept. 30, nearly up from about 210.48 billion won in the year-ago quarter.

Revenue in the third quarter included casino sales of nearly 215.7 billion won, up 30.9% from a year earlier.

Paradise's casino figures are based on the results of four venues operated by its casino business division: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City in Incheon (pictured) near the main international airport serving the Korean capital, Seoul.

The casino operator said casino sales at Walkerhill, Jeju Grand and Busan casinos totaled 107.72 billion won, up 11.0 percent year-on-year. The total net profit of the three properties rose 671.0 percent to 22.56 billion won.

Paradise said casino and hotel sales hit "again highs" at Paradise City Resort, which is a joint venture with Japanese conglomerate Sega Sammy Holdings. Paradise added that casino sales at the property reached nearly 107.88 billion won in the July-September period, up 59.4 percent from a year ago.

Paradise City Venture recorded a net profit of about 163.1 billion won in the third quarter of 2019, with a net loss of 260 million won in the previous year.

The overall casino decline in the three months to Sept. 30 was 1.71 trillion won, up 20.8% from a year earlier but down 7.4% sequentially. Japanese VIP customers accounted for 35.0% of the total decline in the reporting period.

The group said all of its business segments posted revenue growth during the reporting period. However, during the third quarter, the company's expenses rose 17.2% year-on-year to about 211.25 billion won.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 120.4 per cent to about W65.61 billion.

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