Paradise Co casino sales drop 14% in Q2
Paradise Co has revealed casino sales in the second quarter declined 14 per cent year-on-year to KRW30.58bn
South Korea.- The casino operator Paradise Co 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.
Earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the second quarter were negative KRW2.54bn. A year before the company had reached positive EBITDA of more than KRW12.93bn. Q1 saw negative KRW18.26bn.
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.
Paradise City resumed non-gaming activities on July 16 after closures due to the pandemic.
Paradise Co revenue down 56.3 per cent in July
The company reported that revenue for July was down 56.3 per cent month-on-month from KRW15.89bn to KRW6.95bn (US$6.04m). Revenue was also down 60 per cent year-on-year.
Table revenue was down 63.4 per cent when compared to the previous month, from KRW13.74bn to KRW5.03bn. The figure was also down 67.3 per cent year-on-year.
Machine game revenue reached almost KRW1.92bn, down 10.9 per cent from the previous month and down 2.2 per cent year-on-year from nearly KRW1.96bn in July 2020.
For the first seven months of the year, Paradise Co’s revenue stands at nearly KRW119.51bn, down 46.4 per cent when compared to the first seven months of 2020, which saw revenue of KRW223.16bn. Between January and July, table revenue was down 48.9 per cent from KRW207.12bn to KRW105.84bn.
