• 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

S. Korea casino firm Paradise Co swings to 2017 loss

Feb 08, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck  


S. Korea casino firm Paradise Co swings to 2017 loss

South Korean casino operator Paradise Co Ltd swung to a net loss for 2017, as group revenue declined in the fourth quarter. Such loss was approximately KRW19.0 billion (US$17.7 million) for the 12 months to December 31, compared to the KRW55.1-billion profit recorded in the prior year.

The company didn’t give commentary on the reason for the net loss in its Wednesday filing to the Korea Exchange.

Paradise Co reported revenue of KRW668.0 billion for full-year 2017, down 3.9 percent compared with 2016, negatively impacted by a decline in sales in the fourth quarter of 2017.

In the three months to December 31, the company said its revenue fell by 9.2 percent year-on-year, to KRW189.6 billion.

The company had announced in January that its casino revenue declined by 8.6 percent year-on-year in full 2017, to approximately KRW551.86 billion.

Paradise Co’s casino figures are based on the results of four venues it operates in its casino business division. They are: Walkerhill in Seoul; Jeju Grand on Jeju Island (pictured); Busan Casino in the southern port city of Busan; and Paradise City, in Incheon, near the main international airport serving the country’s capital Seoul.

Investment analysts covering the gaming sector say results of foreigner-only casinos in South Korea have suffered from a reported ban by Chinese authorities on tour groups going to the country. Chinese gamblers are reportedly an important customer segment for foreigner-only casinos in South Korea.

According to South Korean media, China had imposed a ban on South Korea-bound group tours as of the autumn of 2016, in retaliation for South Korea’s decision to install the U.S.-supplied Terminal High Altitude Area Defense (THAAD) anti-missile system close to Chinese territory as a counter to North Korean missile tests. China has never acknowledged the existence of such a ban.

It was subsequently reported by international media that the purported ban was partially lifted at the end of November 2017, but in the following month there were new media reports stating the ban was back in place.

Paradise Co recommended, following its fourth-quarter results, a final dividend of KRW100 per share for the year ended December 31, 2017, to be paid on April 20. It said it represented a dividend yield of 0.47 percent based on the present market price of the company’s stock.

The total dividend for full-year 2017 amounts to approximately KRW8.52 billion, the company said in a separate filing to the Korea Exchange.

Paradise Co also reported its January results to the Korea Exchange on Wednesday. They showed casino revenue up 23.4 percent year-on-year, at KRW53.71 billion. The firm reported table drop of KRW438.4 billion for the first month of 2018, an increase of 2.7 percent from the prior-year period.


  • tweet
Related articles
  • China demand a boon to S.Korea casinos: brokerage
    China demand a boon to S.Korea casinos:...

    Mar 14, 2023  

  • Annual net casino sales double y-o-y at Jeju Dream Tower
    Annual net casino sales double y-o-y at...

    Mar 14, 2023  

More news
  • Pagcor mulls pure regulator role via US$1.5bln casinos sale
    Pagcor mulls pure regulator role via...

    Mar 21, 2023  

  • Macau ops getting overseas visitors via private jets: report
    Macau ops getting overseas visitors via...

    Mar 21, 2023  


Latest News

Pagcor mulls pure regulator role via US$1.5bln casinos sale

Pagcor mulls pure regulator role via US$1.5bln casinos sale

Mar 21, 2023  

The Philippines is looking to raise circa PHP80 billion (US$1.47 billion) from the sale of its network of small, state-owned casinos, said on Tuesday the head of the country’s regulator the...
Read More
Macau ops getting overseas visitors via private jets: report

Macau ops getting overseas visitors via private jets:

Mar 21, 2023  

Crane gets US$1.65bln financing to support biz split

Crane gets US$1.65bln financing to support biz split

Mar 21, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”The [Macau] month-to-date run-rate represents an approximately 45-percent recovery versus pre-Covid-19 levels for headline gross gaming revenue”

DS Kim and Mufan Shi

Analysts at brokerage JP Morgan Securities



Most Popular

  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Macau ops getting overseas visitors via private jets: reportMacau ops getting overseas visitors via private jets: report March 21, 2023
  • SJM Holdings to sponsor Macao Golf Open for next 3 yearsSJM Holdings to sponsor Macao Golf Open for next 3 years March 21, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us