Paradise Co sells office in Gangnam to bolster liquidity

Paradise Co has sold an office to improve its financial position due to the impact of the Covid-19 pandemic.

South Korea.- It’s emerged that the casino operator Paradise Co has sold an office building in the Gangnam district of Seoul for KRW100.5bn (US$79m). According to Korea Biz, the casino operator sold the office to secure liquidity and improve its financial position due to the impact of the Covid-19 pandemic.

Due to the economic crisis, Paradise Co Ltd saw its workforce decline 5.3 per cent in the last two years. In 2021, Paradise Co casino revenue was down 25.7 per cent when compared to the previous year, falling from KRW335.97bn to KRW249.76bn (US$208.8m). The operator reported a 7.6 per cent fall in revenue for last month.

Casinos in South Korea have been allowed to delay the payment of some Tourism Promotion and Development Fund fees until June 2022 due to the difficulties the industry continues to face due to the pandemic.