South Korea’s biggest casino operator Paradise Co has revealed financial results for the second quarter of the year.<\/p>\n\n\n\n\n\n\n\n
South Korea.- Casino operator Paradise Co has revealed results for the second quarter of the year showing a decline in sales of 68.1 per cent to KRW74.64 billion (US$62.9 million).<\/p>\n\n\n\n
South Korea mandated a lockdown to contain the spread of Covid-19 during this period. Casino operations were halted, with Paradise closing Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand on March 23 before reopening Jeju Grand on April 13 and the remaining casinos on April 20.<\/p>\n\n\n\n
Operating income fell to a loss of KRW44.51 billion (US$37.5 million), in comparison to an operating profit of KRW4.70 billion (US$4.0 million) in the same period last year.<\/p>\n\n\n\n
The Paradise results show a similar trend to another foreigner-only casino operator\u00a0Grand Korea Leisure, which this week reported an 80.2 per cent decline in sales\u00a0to KRW23.26 billion (US$19.6 million).<\/p>\n","protected":false},"excerpt":{"rendered":"
South Korea’s biggest casino operator Paradise Co has revealed financial results for the second quarter of the year.<\/p>\n","protected":false},"author":2,"featured_media":8890,"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 casino operator Paradise Co reported a 68.1% decline in Q2 sales to KRW74.64 billion, resulting in an operating loss of KRW44.51 billion. This significant downturn was primarily due to mandated COVID-19 lockdowns and subsequent casino closures across its properties, mirroring trends seen by peer Grand Korea Leisure.","focusai_entities":"Paradise Co, Grand Korea Leisure","focusai_location":"South Korea, Busan, Jeju","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q3 Recovery Outlook","query":"What are Paradise Co's projected Q3 GGR and NGR recovery trajectories, considering the phased reopening and any lingering international travel restrictions impacting foreigner-only casinos?"},{"label":"Capital Structure Impact","query":"How will the sustained operating losses and reduced cash flow impact Paradise Co's capital structure, liquidity, and potential for future capital expenditure or debt covenants?"}],"footnotes":""},"categories":[160,16338,163],"tags":[21298,1705,152],"class_list":["post-8888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","tag-finances","tag-paradise-co","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8888","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=8888"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8888\/revisions"}],"predecessor-version":[{"id":777008700,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8888\/revisions\/777008700"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/8890"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=8888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=8888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=8888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}