• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Paradise Co 4Q loss increases, full-year deficit narrows

Feb 20, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Paradise Co 4Q loss increases, full-year deficit narrows

Paradise Co Ltd, an operator of foreigner-only casinos in South Korea, reported a higher fourth-quarter loss compared to the deficit in the equivalent quarter in 2017.

The loss for the three months to December 31 was just over KRW17.07 billion (nearly US$15.2 million), compared to KRW11.80 billion in the year-earlier period.

The group did not give detailed commentary on the reasons for its persisting quarterly loss judged year-on-year.

It noted however that at Paradise Sega Sammy Co Ltd – an entity which runs the Paradise City casino resort (pictured) near Seoul’s main air hub, Incheon International Airport – the quarterly net loss had widened greatly, to KRW42.46 billion, compared to KRW3.1 billion in fourth-quarter 2017.

Paradise Sega Sammy is a partnership between Paradise Co and Japan’s Sega Sammy Holdings Inc. Paradise Co has an equity-accounted interest in the partnership.

Paradise Co said “operation costs” had come into play since Paradise City’s phase-one second stage had opened on September 21 last year. In November it was announced that a theme park would open at Paradise City in the first half this year.

The firm noted in its latest set of results that Paradise City – which launched in April 2017 – had set a new record quarterly high for casino drop – i.e., the amount wagered by players before deduction of prizes – in the fourth quarter 2018. Such quarterly casino sales at Paradise City were KRW71.80 billion, an increase of 16.6 percent on the nearly KRW61.60-billion casino drop recorded in the fourth quarter 2017.

On a separated basis, the Paradise Co casino venues Walkerhill in Seoul and Jeju Grand on Jeju island, recorded fourth-quarter casino sales of KRW104.20 billion, up 10.1 percent year-on-year.

The Paradise Hotel Busan in the port city of the same name recorded KRW21 billion in general sales for the period, an increase of 2.0 percent year-on-year, and – according to another chart – casino sales of KRW20.0 billion. Walkerhill’s casino sales were circa KRW80.7 billion, while those for Jeju Grand in the final quarter of 2018 were circa KRW7.4 billion.

Judged on a yearly basis, Paradise Co’s 2018 net loss narrowed to KRW10.97 billion, from KRW18.95 billion in full-year 2017.

In terms of Paradise Co’s fourth-quarter “soft drop” – the amount of cash exchanged for chips by customers at gaming tables – the aggregate was just under KRW1.61 trillion.

Chinese VIP players accounted for KRW541 billion of the quarterly soft drop; Japanese high rollers KRW475 billion; and VIPs from other markets KRW314 billion. Mass-market players contributed KRW277 billion.


  • tweet
Related articles
  • Paradise Co posts sharp Feb casino revenue decline
    Paradise Co posts sharp Feb casino...

    Mar 04, 2021  

  • GKL ups sales loss tally as Seoul venues stay shut to Mar 15
    GKL ups sales loss tally as Seoul...

    Mar 01, 2021  

More news
  • Belle Corp 2020 gaming revenue from CoD Manila dips 79pct
    Belle Corp 2020 gaming revenue from CoD...

    Apr 20, 2021  

  • Japan casino draft rules strict, but evolving: experts
    Japan casino draft rules strict, but...

    Apr 20, 2021  


Latest News

Belle Corp 2020 gaming revenue from CoD Manila dips 79pct

Belle Corp 2020 gaming revenue from CoD Manila dips 79pct

Apr 20, 2021  

Belle Corp’s 2020 income from gaming revenue fell 78.7 percent year-on-year, the firm said in a Tuesday filing to the Philippine Stock Exchange. The group has an interest in the gaming business of...
Read More
Japan casino draft rules strict, but evolving: experts

Japan casino draft rules strict, but evolving: experts

Apr 20, 2021  

Resorts World Las Vegas set to open June 24

Resorts World Las Vegas set to open June 24

Apr 20, 2021  

Macau gaming demand recovering comfortably: analysts

Macau gaming demand recovering comfortably: analysts

Apr 20, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$4.3 billion

Budget for Genting Bhd's Resorts World Las Vegas, to open June 24



Most Popular

  • Macau 2021 GGR could be half of pre- Covid-19 levels: FitchMacau 2021 GGR could be half of pre- Covid-19 levels: Fitch April 15, 2021
  • NUSTAR complex in Cebu slated to open 2022: UHRINUSTAR complex in Cebu slated to open 2022: UHRI April 16, 2021
  • Macau VIP GGR up 20pct sequentially in 1Q: govtMacau VIP GGR up 20pct sequentially in 1Q: govt April 16, 2021
  • Macau may tie GBA backing to gaming tender: law expertsMacau may tie GBA backing to gaming tender: law experts April 16, 2021
  • Bloomberry Quezon project in 2023, focus on preserving cashBloomberry Quezon project in 2023, focus on preserving cash April 16, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us