South Koreas Paradise Co reports US$16 million loss in 1Q21

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Paradise City

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Korean foreigner-only casino operator Paradise Co reported a 47.7% year-on-year decline and 7.1% sequential decline in sales to KRW96.61 billion (US$85.4 million) in 1Q21 as the company continues to feel the ravages of the COVID-19 pandemic.

Paradise operates four casinos nationwide Paradise Walkerhill, Busan Casino, Jeju Grand and integrated resort Paradise City in Incheon. Paradise City is a joint venture with Japans Sega Sammy Holdings in which Paradise holds 55% and Sega Sammy 45%.

Coming off a loss of KRW109.85 billion (US$98.4 million) in 2020, of which KRW59.21 billion (US$53 million) came in the December quarter, the company at least managed to reduce its losses in Q1 to KRW18.20 (US$16.1 million). Operating loss also fell slightly from KRW15.43 billion (US$13.6 million) in 4Q20 to KRW12.22 billion (US$10.8 million).

Although all four of Paradise Cos casinos were open for the majority of Q1 only Paradise Walkerhill in Seoul was closed briefly from mid-December into early January the company continues to be heavily impacted by the global pandemic with international tourism largely on hold.

South Korea welcomed only around 2.5 million visitors in 2020 compared with 17.5 million in 2019.