{"id":15261,"date":"2021-02-26T14:48:10","date_gmt":"2021-02-26T14:48:10","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=15261"},"modified":"2026-04-23T21:30:40","modified_gmt":"2026-04-24T00:30:40","slug":"paradise-co-reports-us98-4m-loss-for-2020","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/paradise-co-reports-us98-4m-loss-for-2020","title":{"rendered":"Paradise Co reports US$98.4m loss for 2020"},"content":{"rendered":"\n<p>Annual sales fell by 54 per cent compared to the previous year as the operator suffered several periods of closure.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>South Korea.- The foreigner-only casino operator Paradise Co has reported a<strong> full-year net loss of KRW109.85bn (US$98.4m)<\/strong> for 2020.<\/p>\n\n\n\n<p>The company also <strong>reported a loss of KRW59.21bn (US$53m) for the fourth quarter<\/strong>, a 263.3 per cent increase from the KRW16.30bn loss (US$14.6m) recorded in the preceding quarter.<\/p>\n\n\n\n<p><strong>Annual sales for 2020 came in at KRW454.4bn<\/strong>, 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.<\/p>\n\n\n\n<p>Paradise Co\u2019s gaming operations were affected by Covid-19 containment measures.<\/p>\n\n\n\n<p>The company operates four casinos: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan and Paradise City in Incheon.<\/p>\n\n\n\n<p>According to local media, <strong>the company might be considering the sale of its idle property near its Paradise Busan venue<\/strong> to offset cash flow problems.<\/p>\n\n\n\n<p>In January 2021, <em><strong><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/paradise-co-revenue-down-36-in-january\" target=\"_blank\">Paradise Co revenue was down 36 per cent<\/a><\/strong><\/em>, with casino sales <strong>down 61.8 per cent year-on-year <\/strong>at KRW27.28bn (US$24.5m).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Annual sales fell by 54 per cent compared to the previous year as the operator suffered several periods of closure.<\/p>\n","protected":false},"author":176,"featured_media":15264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Paradise Co, a South Korean foreigner-only casino operator, reported a significant full-year net loss of KRW109.85bn for 2020, primarily due to COVID-19 containment measures and operational closures. Annual sales declined by 53.6%, with Q4 losses escalating, prompting the company to consider asset divestment to address cash flow challenges.","focusai_entities":"Paradise Co","focusai_location":"South Korea, Seoul, Jeju Island, Busan, Incheon","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.95), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Asset Divestment Strategy?","query":"What specific assets is Paradise Co considering divesting, and what is the projected impact of such sales on its balance sheet and long-term operational viability?"},{"label":"Market Recovery Outlook?","query":"Given the 'foreigner-only' operational model, what are the projected timelines and key indicators for a recovery in international tourism and its subsequent impact on Paradise Co's GGR and NGR?"}],"footnotes":""},"categories":[163,16333],"tags":[23907,1705],"class_list":["post-15261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-land-based-casino","tag-paradise-co"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/15261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=15261"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/15261\/revisions"}],"predecessor-version":[{"id":15286,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/15261\/revisions\/15286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/15264"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=15261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=15261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=15261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}