Inside Asian Gaming

IAG SEP 2019年9月 亞博匯 16 亞博匯早報 BREAKFAST BRIEFS KOREA’S PARADISE CITY TO TURN PROFITABLE IN 3Q19: JP MORGAN 摩根大通：韓國百樂達斯城或在今年第三季度轉虧為盈 KOREAN integrated resort Paradise City is on track to finally turn profitable in 3Q19, according to JP Morgan analysts, buoyed by lower expenses and the ongoing ramp of both its gaming and non-gaming segments. The positive estimates follow the release by Paradise Co of its second quarter earnings results, which included a KRW5 billion (US$4.1 million) loss at Paradise City compared with a KRW7 billion loss in the previous quarter. Paradise City is 55% owned by Paradise Co with the remaining 45% held by Japan’s Sega Sammy. Outlining the property’s prospects moving forward, JP Morgan’s DS Kim, Jeremy An and Christine Wang pointed to higher than usual advertising and promotional spending in 2Q as part of Paradise City’s second anniversary celebrations, adding that such costs were likely to normalize in coming quarters. “This, along with continued ramp-up (both gaming and non- gaming), leads us to forecast Paradise City operating profit to turn profitable from 3Q onward,” they said. Early estimates have operating profit at KRW4 billion (US$3.3 million) in 3Q19 and KRW3 billion (US$2.5 million) in 4Q19. 摩根大通 分析師日前表示，得益於成本的下降 及博彩和非博彩部門業務的持續增長，韓國綜 合度假村百樂達斯城（Paradise City）有望在 今年第三季度最終實現盈利。 百樂達斯城公佈其第二度業績，稱其於當 季虧損50億韓元，較今年第一季度70億韓元的 虧損有所減少。百樂達斯城由百樂達斯公司持 股55%，其餘的45%股權由日本Sega Sammy 公司持有。 摩根大通分析師DS Kim、Jeremy An及 Christine Wang概述了該物業未來的前景，他 們指出由於百樂達斯城的兩週年慶典活動，當 季的廣告及促銷支出高於往常，未來幾個季度 此類開支可能將恢復正常。 「隨著博彩及非博彩業務的持續增長，我 們預計百樂達斯城的營業利潤將從第三季度 起扭虧為盈。」 初步估計，該公司第三季度營業利潤或達 40億韓元、第四季度營業利潤將為30億韓元。