Paradise Co reports 68% decline in sales for Q2
South Korea’s biggest casino operator Paradise Co has revealed financial results for the second quarter of the year.
South Korea.- Casino operator Paradise Co has revealed results for the second quarter of the year showing a decline in sales of 68.1 per cent to KRW74.64 billion (US$62.9 million).
South Korea mandated a lockdown to contain the spread of Covid-19 during this period. Casino operations were halted, with Paradise closing Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand on March 23 before reopening Jeju Grand on April 13 and the remaining casinos on April 20.
Operating income fell to a loss of KRW44.51 billion (US$37.5 million), in comparison to an operating profit of KRW4.70 billion (US$4.0 million) in the same period last year.
The Paradise results show a similar trend to another foreigner-only casino operator Grand Korea Leisure, which this week reported an 80.2 per cent decline in sales to KRW23.26 billion (US$19.6 million).
