{"id":16716,"date":"2021-04-08T16:02:05","date_gmt":"2021-04-08T16:02:05","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=16716"},"modified":"2026-04-23T20:31:21","modified_gmt":"2026-04-23T23:31:21","slug":"paradise-expects-us13-3m-loss-for-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/paradise-expects-us13-3m-loss-for-q1","title":{"rendered":"Paradise expects US$13.3m loss for Q1"},"content":{"rendered":"\n

The casino operator Paradise Co expects sales of KRW98.7bn, down 46.6 per cent year-on-year.<\/p>\n\n\n\n\n\n\n\n

South Korea.-\u00a0Shinhan Investment <\/strong>has reported that the South Korean foreigner-only operator\u00a0Paradise Co<\/strong>\u00a0expects to\u00a0record a consolidated operating loss of KRW14.9bn ($13.3m)<\/strong>\u00a0in the first quarter of 2021.<\/p>\n\n\n\n

The casino operator is struggling due to the absence of international visitors. It expects to record KRW98.7bn in casino sales<\/strong>, down 46.6 per cent year-on-year.<\/p>\n\n\n\n

According to analysts,\u00a0the main customer base for foreigner-only casinos are foreigners currently residing in Korea<\/strong> due to the two-week mandatory quarantine for all new arrivals in the country.<\/p>\n\n\n\n

Paradise Co. has reported that revenue for the first three months of 2021 combined was\u00a0down 55.9 per cent year-on-year to KRW68.02bn (US$60m)<\/strong>.<\/p>\n\n\n\n

The Korea Tourism Organization (KTO)\u00a0<\/strong>stated\u00a0that only 65,582 tourists visited South Korea in February<\/em><\/a>, down 90.4 per cent year-on-year.<\/p>\n\n\n\n

Paradise Co. is not the only South Korean casino in <\/strong>trouble\u00a0as a consequence of the Covid-19 pandemic.<\/p>\n\n\n\n

Grand Korea Leisure (GKL) posted revenue of KRW5.95bn (US$5.3m) for March 2021<\/em><\/a>, 49.1 per cent lower than revenue for March 2020.<\/p>\n\n\n\n

To offer some relief for casinos, the Ministry of Culture, Sports and Tourism<\/strong>\u00a0has announced\u00a0it will postpone the deadline to pay sales taxes<\/em><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The casino operator Paradise Co expects sales of KRW98.7bn, down 46.6 per cent year-on-year.<\/p>\n","protected":false},"author":176,"featured_media":16718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"South Korean foreigner-only casino operators, including Paradise Co and Grand Korea Leisure, are experiencing significant revenue and sales declines, with Paradise Co projecting a Q1 2021 operating loss, primarily due to the absence of international visitors and mandatory quarantine protocols. The Ministry of Culture, Sports and Tourism has responded by postponing sales tax deadlines to offer some relief to the struggling sector.","focusai_entities":"Paradise Co, Shinhan Investment, Grand Korea Leisure (GKL), Korea Tourism Organization (KTO), Ministry of Culture, Sports and Tourism","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.85), compliance_legal (0.7), operator_casino (0.95), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on GGR Recovery?","query":"What is the projected timeline for the recovery of Gross Gaming Revenue (GGR) for South Korean foreigner-only casinos, considering the ongoing global travel restrictions and the efficacy of domestic visitor strategies?"},{"label":"Regulatory Support Efficacy?","query":"Beyond sales tax deferrals, what additional regulatory or fiscal support measures are being considered by the Ministry of Culture, Sports and Tourism to ensure the long-term viability and liquidity of the South Korean casino sector?"}],"footnotes":""},"categories":[16338,163],"tags":[23907,1705],"class_list":["post-16716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-land-based-casino","tag-paradise-co"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16716","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=16716"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16716\/revisions"}],"predecessor-version":[{"id":16722,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16716\/revisions\/16722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16718"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}