Virus-free Paradise casinos rebound; bid to end Kangwon Land local monopoly

South Korean casino operator Paradise Co Ltd made a stunning return to form in Q2, thanks to the lack of a killer disease stalking the country.

In Q2 2015, Paradise saw profits at its five foreigners-only casinos fall by nearly half after an outbreak of Middle East Respiratory Syndrome killed dozens of people while other Asian nations – China, in particular – warned their citizens to steer clear of the country.

With that threat now behind them, Paradise saw revenue rise nearly one-third to KRW 189b (US $170m) in the three months ending June 30. Operating profit enjoyed an even larger bounce, rising a whopping 147.6% to KRW 32.7b, while net profit rose 113.6% to KRW 27b.

Meanwhile, Kangwon Land, the only one of South Korea’s 17 casinos to which local residents are allowed entry, reported a more modest revenue bump (KRW 411.8b, +5.9%) but net income rose a respectable 27.1% to KRW 123.7b.