• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Casino op Paradise Co cuts 1Q loss, virus pain from March

May 12, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Casino op Paradise Co cuts 1Q loss, virus pain from March

Paradise Co Ltd, an operator of foreigner-only casinos in South Korea, narrowed its first-quarter loss, the firm told the Korea Exchange on Tuesday.

Such loss was KRW2.46 billion (US$2 million), versus KRW7.53 billion in the prior-year quarter, a 67.3 percent improvement.

Sales fell 8.5 percent year-on-year, to just under KRW184.67 billion, from nearly KRW201.72 billion. Compared to the fourth quarter 2019, sales slipped 31.5 percent. The firm had recorded sales of KRW269.45 billion in the three months to December 31.

Casino sales slipped 9.7 percent, to KRW78.27 billion, compared to KRW86.68 billion in the prior-year period.

Towards the end of the first quarter, Paradise Co had said it was closing down on March 24 its four casino sites for two weeks, in line with the country’s effort at curbing the further spread of the Covid-19 pandemic in South Korea. Some of the company’s non-gaming offerings – such as entertainment venues – were also closed. The firm reopened its casino on Jeju island on April 13. It resumed operations at its remaining three gaming venues on April 20.

Earlier this month, the firm said that its casino revenue had fallen 86 percent year-on-year in April amid Covid-19 disruption.

For the three months to March 31, at its Paradise City resort (pictured) near Incheon Airport, South Korea’s main air hub, “the impact of overseas travel restrictions related to Covid-19” was “reflected in first-quarter casino business,” said the firm in an earnings presentation.

It added that while January casino sales at Paradise City – run as a venture with Japan’s Sega Sammy Holdings Inc – had risen 36 percent year-on-year, and those for February 32.4 percent, in March casino sales had slumped 70 percent.

The group noted that many non-gaming entertainment facilities at Paradise City had been shut from March 1 to May 1.

The firm said in commentary that cost control at Paradise City was “to continue” in the second quarter, with measures in the first quarter having resulted in adjusted costs down 47.8 percent year-on-year.

“Reducing labour cost will further accelerate backed by offering paid leave,” and use of an “employee retention grant programme” run by the South Korean government.

Paradise Co runs – as well as having an interest in Paradise City – three other casino complexes. They are: Walkerhill in Seoul; Jeju Grand on Jeju Island; and Busan Casino in the southern port city of Busan.

For casino operations at the group as a whole in the quarter, Japanese VIPs made the greatest-single group contribution to that quarter’s KRW1.16-trillion in soft drop: the latter refers to the amount of cash exchanged for chips by customers at the table. Japanese VIPs  provided circa KRW373 billion; Chinese VIPs brought KRW318 billion; VIPs from other markets contributed a further KRW261 billion, and mass-market players brought in KRW212 billion.


  • tweet
Related articles
  • S.Korea Daegu Casino fined US$776k for AML breaches 
    S.Korea Daegu Casino fined US$776k...

    Sep 29, 2023  

  • Construction of RFKR Resort in South Korea still paused
    Construction of RFKR Resort in South...

    Sep 28, 2023  

More news
  • Macau September GGR down 13pct on August: govt
    Macau September GGR down 13pct...

    Oct 01, 2023  

  • Sands China to revitalise firecracker factory, old streets
    Sands China to revitalise firecracker...

    Sep 29, 2023  


Latest News

Macau September GGR down 13pct on August: govt

Macau September GGR down 13pct on August: govt

Oct 01, 2023  

Macau’s September casino gross gaming revenue (GGR) fell by 13.2 percent month-on-month, to MOP14.94 billion (US$1.85 billion), according to a Sunday announcement from the local regulator, the...
Read More
Sands China to revitalise firecracker factory, old streets

Sands China to revitalise firecracker factory, old streets

Sep 29, 2023  

Bloomberry aims to raise up to US$99mln via share sale

Bloomberry aims to raise up to US$99mln via share sale

Sep 29, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The Philippines has been the primary growth driver, but really the broader Asian gaming industry is something that’s really important to us”

Matt Wilson

Chief executive of casino equipment provider Light & Wonder



Most Popular

  • Macau September GGR down 13pct on August: govtMacau September GGR down 13pct on August: govt October 1, 2023
  • Sands China to revitalise firecracker factory, old streetsSands China to revitalise firecracker factory, old streets September 29, 2023
  • S.Korea Daegu Casino fined US$776k for AML breaches S.Korea Daegu Casino fined US$776k for AML breaches  September 29, 2023
  • Light & Wonder to expand facilities in the Philippines: CEOLight & Wonder to expand facilities in the Philippines:… September 29, 2023
  • Any Macau clamp on money changing may hurt GGR: punditsAny Macau clamp on money changing may hurt GGR: pundits September 25, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us