{"id":29654,"date":"2022-05-06T10:51:43","date_gmt":"2022-05-06T13:51:43","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=29654"},"modified":"2026-04-23T08:55:37","modified_gmt":"2026-04-23T11:55:37","slug":"paradise-co-sells-office-in-gangnam-to-bolster-liquidity","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/paradise-co-sells-office-in-gangnam-to-bolster-liquidity","title":{"rendered":"Paradise Co sells office in Gangnam to bolster liquidity"},"content":{"rendered":"\n

Paradise Co has sold an office to improve its financial position due to the impact of the Covid-19 pandemic.<\/p>\n\n\n\n\n\n\n\n

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. <\/p>\n\n\n\n

Due to the economic crisis, Paradise Co Ltd saw its workforce decline 5.3 per cent in the last two years. In 2021,\u00a0Paradise Co casino revenue<\/a>\u00a0was 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<\/a> for last month.<\/p>\n\n\n\n

Casinos in South Korea<\/a> 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. <\/p>\n","protected":false},"excerpt":{"rendered":"

Paradise Co has sold an office to improve its financial position due to the impact of the Covid-19 pandemic.<\/p>\n","protected":false},"author":176,"featured_media":10260,"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 casino operator, has divested an office building in Seoul for KRW100.5bn (US$79m) to enhance liquidity and fortify its financial position amidst persistent COVID-19 pandemic impacts. The company reported a 25.7% decline in casino revenue for 2021 and a 5.3% workforce reduction over two years, reflecting broader industry challenges, including regulatory deferrals of Tourism Promotion and Development Fund fees.","focusai_entities":"Paradise Co, Korea Biz","focusai_location":"South Korea, Seoul, Gangnam","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Paradise Co's Liquidity Strategy","query":"What further asset divestments or capital-raising initiatives might Paradise Co pursue to stabilize its balance sheet and fund future operational requirements?"},{"label":"South Korea Market Outlook","query":"How do Paradise Co's financial results and strategic actions reflect the broader recovery trajectory and regulatory support effectiveness for the South Korean casino market?"}],"footnotes":""},"categories":[157,16338],"tags":[1705],"class_list":["post-29654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-paradise-co"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29654","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=29654"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29654\/revisions"}],"predecessor-version":[{"id":29661,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29654\/revisions\/29661"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10260"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}