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Paradise Co reports US$98.4m loss for 2020

Annual sales were down 53.6 per cent in 2020.
Annual sales were down 53.6 per cent in 2020.

Annual sales fell by 54 per cent compared to the previous year as the operator suffered several periods of closure.

South Korea.- The foreigner-only casino operator Paradise Co has reported a full-year net loss of KRW109.85bn (US$98.4m) for 2020.

The company also reported a loss of KRW59.21bn (US$53m) for the fourth quarter, a 263.3 per cent increase from the KRW16.30bn loss (US$14.6m) recorded in the preceding quarter.

Annual sales for 2020 came in at KRW454.4bn, a 53.6 per cent fall from the previous year. Aggregate sales for the three months to December 31 were KRW104.59bn, a 15.5 per cent improvement on the previous quarter.

Paradise Co’s gaming operations were affected by Covid-19 containment measures.

The company operates four casinos: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan and Paradise City in Incheon.

According to local media, the company might be considering the sale of its idle property near its Paradise Busan venue to offset cash flow problems.

In January 2021, Paradise Co revenue was down 36 per cent, with casino sales down 61.8 per cent year-on-year at KRW27.28bn (US$24.5m).

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land-based casino Paradise Co.