Paradise Casino Walkerhill in Seoul closes for 24 hours

Paradise Co sales declined 14 per cent year-on-year in the second quarter.
Paradise Co sales declined 14 per cent year-on-year in the second quarter.

The casino operator Paradise Co has announced the closure of its venue in Seoul for 24 hours although it hasn’t confirmed if the closure is related to the Covid-19 pandemic.

South Korea.- The casino operator Paradise Co has announced the closure of the Paradise Casino Walkerhill in Seoul from today until at least 3pm tomorrow (August 24).

The company has not disclosed the reason for the closure or whether it is related to Covid-19. Paradise Co previously closed Paradise Casino Walkerhill from August 14 to 17 as a result of confirmed Covid-19 cases.

The Ministry of Health has reported 1,418 new Covid-19 cases in the last 24 hours, and authorities have extended current social distancing curbs for two weeks.

Paradise Co posts a net loss of KRW31.88bn in Q2

The casino operator has posted a net loss of KRW31.88bn for the second quarter. Net income stood at KRW18.91 bn (US$16.4m).

The company said it benefited from the disposal of an office building linked to its Busan casino property, which brought “one-off gains.” Casino sales fell 14 per cent year-on-year to KRW30.58bn and 19.2 per cent quarter-on-quarter, mainly due to the Covid-19 pandemic. 

Aggregate sales were down 12.4 per cent quarter-on-quarter to KRW84.65bn but up 13.4 per cent when compared to 2020. Hotel services revenue jumped 79.8 per cent year-on-year and 39.1 per cent sequentially, driven by strong local demand.

Aggregate sales at Paradise City were up 22.3 per cent year-on-year to KRW31.81bn while casino sales dropped by 12.9 per cent when compared to the previous year to KRW12.93bn. Casino revenue was down 53.9 per cent.

Earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the second quarter were negative KRW2.54bn.

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Covid-19 land-based casino Paradise Co.