Paradise Co posts losses of US$16.2m for Q1

Paradise Co has reported a loss of KRW18.2bn (US$16.2m) for the first quarter of the year.

South Korea.- The casino operator Paradise Co has published its financial report for the first quarter of the year, revealing a loss of KRW18.2bn (US$16.2m), compared to a net loss of KRW67.5bn during the last three months of 2019.

Paradise Co is struggling with a lack of tourists and a drop in visits to casino venues due to the Covid-19 pandemic.

Paradise Co sales fell 7.1 per cent quarter-on-quarter to KRW96.6bn while casino sales came in at KRW96.6bn, down 31.1 per cent sequentially and 51.6 per cent year-on-year.

Paradise City, Paradise Co’s casino in Incheon, reported casino sales of KRW30.2bn for the first quarter, down 60.2 per cent when compared to the previous year but up 51.4 per cent sequentially. 

EBITDA was KRW12.9bn, up 76.3 per cent when compared to the previous quarter (KRW7.3m) but down 59 per cent year-on-year.

Paradise Co also operates Walkerhill in Seoul, Jeju Grand on Jeju Island and Busan Casino in Busan.