{"id":21405,"date":"2021-08-11T13:34:14","date_gmt":"2021-08-11T16:34:14","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=21405"},"modified":"2026-04-23T16:45:42","modified_gmt":"2026-04-23T19:45:42","slug":"paradise-co-casino-sales-drop-14-in-q2","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/paradise-co-casino-sales-drop-14-in-q2","title":{"rendered":"Paradise Co casino sales drop 14% in Q2"},"content":{"rendered":"\n

Paradise Co has revealed casino sales in the second quarter declined 14 per cent year-on-year to KRW30.58bn<\/p>\n\n\n\n\n\n\n\n

South Korea.- The casino operator\u00a0Paradise Co<\/strong>\u00a0has posted a net loss of KRW31.88bn for the second quarter. Net income stood at KRW18.91 bn (US$16.4m)<\/strong>.<\/p>\n\n\n\n

The company said it benefited from the disposal of an office building<\/strong>\u00a0linked to its Busan casino property, which brought “one-off gains.”<\/p>\n\n\n\n

Casino sales fell 14 per cent year-on-year to KRW30.58bn and 19.2 per cent quarter-on-quarter, mainly due to the\u00a0Covid-19 pandemic.<\/strong> Aggregate sales were down 12.4 per cent quarter-on-quarter to KRW84.65bn but up 13.4 per cent when compared to 2020.<\/p>\n\n\n\n

Hotel services revenue jumped 79.8 per cent year-on-year\u00a0<\/strong>and 39.1 per cent sequentially, driven by strong local demand.<\/p>\n\n\n\n

Earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the second quarter were negative KRW2.54bn. A year before the company had reached positive EBITDA of more than KRW12.93bn. Q1 saw negative KRW18.26bn.<\/p>\n\n\n\n

Aggregate sales at Paradise City were up 22.3 per cent year-on-year\u00a0<\/strong>to KRW31.81bn while casino sales dropped by 12.9 per cent when compared to the previous year to KRW12.93bn. Casino revenue was down 53.9 per cent.<\/p>\n\n\n\n

Paradise City<\/a>\u00a0resumed non-gaming activities on July 16 after closures due to the pandemic.<\/p>\n\n\n\n

Paradise Co revenue down 56.3 per cent in July<\/strong><\/h2>\n\n\n\n

The company<\/a> reported that revenue for July was down 56.3 per cent<\/strong> month-on-month from KRW15.89bn to KRW6.95bn (US$6.04m). Revenue was also down 60 per cent<\/strong> year-on-year.<\/p>\n\n\n\n

Table revenue was down 63.4 per cent when compared to the previous month<\/strong>, from KRW13.74bn to KRW5.03bn. The figure was also down 67.3 per cent year-on-year.<\/p>\n\n\n\n

Machine game revenue<\/strong> reached almost KRW1.92bn, down 10.9 per cent from the previous month and down 2.2 per cent year-on-year from nearly KRW1.96bn in July 2020.<\/p>\n\n\n\n

For the first seven months of the year, Paradise Co\u2019s revenue stands at nearly KRW119.51bn, down 46.4 per cent<\/strong> when compared to the first seven months of 2020, which saw revenue of KRW223.16bn. Between January and July, table revenue was down 48.9 per cent <\/strong>from KRW207.12bn to KRW105.84bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Paradise Co has revealed casino sales in the second quarter declined 14 per cent year-on-year to KRW30.58bn<\/p>\n","protected":false},"author":176,"featured_media":17810,"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 reported a Q2 net loss of KRW31.88bn, primarily driven by a 14% year-on-year decline in casino sales to KRW30.58bn, exacerbated by the ongoing Covid-19 pandemic. While a one-off gain from asset disposal mitigated the net income impact, July revenue further declined by 56.3% month-on-month, underscoring persistent operational challenges in its gaming verticals.","focusai_entities":"Paradise Co, Paradise City","focusai_location":"South Korea, Busan","focusai_target_profile":"ceo_executive (0.95), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q3 Recovery Outlook","query":"What is Paradise Co's projected GGR and NGR recovery trajectory for Q3, considering the recent resumption of non-gaming activities at Paradise City and evolving regional travel restrictions?"},{"label":"Asset Disposal Strategy","query":"How does the one-off gain from the Busan office building disposal align with Paradise Co's broader capital allocation strategy, particularly in light of sustained operational losses in its core gaming verticals?"}],"footnotes":""},"categories":[16338,163],"tags":[23907,1705],"class_list":["post-21405","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\/21405","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=21405"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21405\/revisions"}],"predecessor-version":[{"id":21413,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21405\/revisions\/21413"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17810"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=21405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=21405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=21405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}