{"id":22694,"date":"2021-09-16T12:08:40","date_gmt":"2021-09-16T15:08:40","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=22694"},"modified":"2021-09-16T14:19:38","modified_gmt":"2021-09-16T17:19:38","slug":"paradise-co-credit-rating-downgraded","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/paradise-co-credit-rating-downgraded","title":{"rendered":"Paradise Co credit rating downgraded"},"content":{"rendered":"\n<p>Paradise Co&#8217;s credit rating has been downgraded due to a slow recovery amid the Covid-19 pandemic.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>South Korea.- The casino operator<strong>\u00a0Paradise Co\u00a0<\/strong>has had its credit rating downgraded because of the Covid-19 pandemic and slow performance during the first half of the year.<\/p>\n\n\n\n<p>The company which operates casino venues in Seoul, Busan, Jeju and Incheon posted KRW181.3bn in sales and an operating loss of KRW39.6bn during the first half. Paradise Co also posted a net loss of KRW31.88bn for the second quarter, while net income stood at\u00a0<strong>KRW18.91 bn (US$16.4m)<\/strong>.<\/p>\n\n\n\n<p>Casino sales fell 14 per cent year-on-year to KRW30.58bn and 19.2 per cent quarter-on-quarter, mainly due to the<strong>&nbsp;Covid-19 pandemic.<\/strong>&nbsp;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<p>According to analysts, the lack of tourists due to travel restrictions has deeply affected the casino revenues and contributed to the decrease in sales.<\/p>\n\n\n\n<p>For the first eight months of the year,&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/paradise-co-revenue-up-762-1-in-august\" rel=\"noreferrer noopener\">Paradise Co\u2019s revenue was KRW178.95bn<\/a>, down 25.6 when compared to the same period in 2020 when it reached KRW240.45bn. Between January and August,&nbsp;<strong>table revenue was down 26.6 per cent&nbsp;<\/strong>to KRW163.28bn.<\/p>\n\n\n\n<p>In July,&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/paradise-co-revenue-down-56-3-in-july\" rel=\"noreferrer noopener\">Paradise Co<\/a><strong>&nbsp;reported that revenue was down 56.3 per cent<\/strong>&nbsp;month-on-month from KRW15.89bn to KRW6.95bn (US$6.04m).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paradise Co&#8217;s credit rating has been downgraded due to a slow recovery amid the Covid-19 pandemic.<\/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,"footnotes":""},"categories":[16338,163],"tags":[16344,1705],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22694"}],"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=22694"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22694\/revisions"}],"predecessor-version":[{"id":22712,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22694\/revisions\/22712"}],"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=22694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}