South Korean casino operator, which runs four foreigner-only casinos — Walker-hill, Jeju Grand, Incheon Paradise City and Busan Casino. Paradise City is a joint venture with Japan’s Sega Sammy and was the country’s first true IR.
It’s one step backward and one step forward for South Korea’s gaming industry this week or, in another framing, bad news in the north and good news in the south.
While the green shoots of recovery are still far from becoming a forest, the raft of earnings reports from Asia’s operators on Tuesday all gave grounds for optimism that recovery is taking root.
Paradise Co. said its quarterly loss narrowed to KRW31.9 billion won ($28.5 million) from the prior quarter when it posted a loss of KRW48.6 billion, while its Paradise operating unit turned EBITDA positive in the period.
Paradise Co., the nation’s largest private casino industry firm, is facing a deep audit of its finances from the South Korean tax authorities, right at a time it is dealing with cash flow challenges.
Casino revenue at Paradise Co., an operator Came to KRW22.36 billion (US$19.7 million) in October, down 72.2 percent on a year-on-year basis.
South Korea's economy returned to growth in the third quarter, expanding by 1.9 percent, in the fastest expansion since the first quarter of 2010, according to figures released by the Bank of Korea.
Paradise Co Ltd says its KRW100 billion (US$87.3 million) bond sale was to raise liquidity during the Covid-19 crisis, while it's also working to control costs and restructure.
Hints continue to emerge in the Korean media that Paradise Co. may be in a rather deep financial crisis, with the latest word being that investors are keeping their distance as the firm struggles to increase its liquidity.
Paradise Co. is reportedly having great difficulty finding institutional investors interested in purchasing its bonds, as concerns are growing about the firm’s prospects in the wake of a Covid-19 downturn that may starve its foreigner-only casinos for quite some time.
Paradise Co. is reportedly seeking to boost its liquidity after taking "a direct hit" from the ongoing coronavirus pandemic.
Paradise Co., which operates foreigner-only casinos in South Korea, saw an improvement in sales in September from the prior month, even though they were down 71 percent from the prior year.
South Korea’s Paradise Co. reported a 75 percent drop in August sales compared with the same month last year, though revenue was little changed from the prior month.
All three of the major South Korean casino operators booked substantial financial losses in the April-June period as a result of Covid-19. Kangwon Land, which operates the only casino in the nation at which locals may gamble, but which had a very long business suspension period, recorded sales of only 34.6 billion won (US$29.1 million), […]
Paradise Co. has reported that its total net revenues came in at nearly KRW17.4 billion (US$14.6 million), which was a 76.4 percent decline from the same period last year. The figure did, however, represent some improvement on the June 2020 revenues, which came in at only KRW13.7 billion. By venue, Walkerhill contributed KRW9.8 billion, Paradise […]
The Covid-19 pandemic may be a trigger for South Korea to rethink its foreigner-only casino policy, as the country’s casinos struggle with a lack of tourism revenue.
Paradise Co. has reported an 80.8 percent drop in revenue for June compared with the same month a year earlier, though also said business had dropped off since May.
Paradise Co. is shifting gears and will implement emergency cost-cutting measures, including sending more executives on furlough and closing down operations at key facilities. According to the measures to be implemented from July 1, about 20 percent of the firm’s executives will be put on long-term unpaid leave or put into retirement. Since February, company […]
Paradise Co. announced on Wednesday that the May sales of its casino division fell 51.2 percent from the same month last year. The total sales figure was KRW29.8 billion (US$24.4 million). Even these difficult results, however, represented something of an improvement: In April the casino division sales had been only KRW7.93 billion, 86.1 percent down […]
Paradise Co. announced on Thursday that the April sales of its casino division plummeted 86.1 percent from the same month last year. The total sales figure was only KRW7.93 billion (US$6.5 million). Table sales decreased 87.1 percent to KRW6.91 billion, and machine performance shrank 71.7 percent to KRW1.21 billion won. Cumulative sales from January-April of […]
South Korea’s Paradise Co. has reported a sharp decline in its March casino revenues by 60.5 percent on a year-on-year basis. Sales in the casino division amounted to KRW19.73 billion (about US$16 million). Both table and machine performance were down over 60 percent during the month. Paradise Co. had started the year strong in spite […]
All of South Korea’s major casino firms have now announced suspensions of operations as a measure to combat the spread of Covid-19. State-run casino operator Grand Korea Leisure, which operates three foreigner-only casinos in Seoul and Busan, has stated that it will close its facilities from this Tuesday until April 6. Paradise Co. also revealed […]
South Korea’s gaming companies have all seen their stock prices hammered by the Covid-19 crisis, though with varying intensity. Paradise Co. was one of Monday’s biggest losers on the Kosdaq Stock Market, losing 7.8 percent of its value in a single day. Since the beginning of the year it has fallen from 20,150 to 15,350, […]
South Korea’s foreigner-only casinos saw an uptick in February casino revenues, despite coronavirus scares. Paradise Co Ltd saw its casino revenue rise 16.2 percent year-on-year in February, reaching KRW64.3 billion (US$54.2 million), driven by table games revenue, slightly offset by gaming machine revenue. The company, however, has closed several non-gaming facilities in response to the […]
Paradise Co has reported a return to profitability in its consolidated 2019 financial results, driven by a 24.4 percent year-on-year increase in net sales. The company reported KRW979.4 billion (US$803 million) in net sales and almost KRW6.5 billion in net profits. Paradise SegaSammy was among the bright spots, with a growth in mass market revenues […]
South Korea’s foreigner-only Paradise Co. has reported a 28.3 percent year-on-year sales increase for the month of January, totalling almost KRW72 billion (about US$60.5 million). Among the firm’s four locations, Paradise City in Incheon was the star performer, accounting for about KRW37.8, or roughly half, of the total, and advancing from only KRW27.7 billion in […]
Paradise Co., which operates foreigner-only casinos in South Korea, reported a 31.6 percent gain in November sales, driven by table games.
South Korea’s only locals-permitted casino, Kangwon Land, reported positive results in 19Q3, driven by an uptick in sales, though its foreigner-only peers saw mixed results. According to local reports, Kangwon Land’s third-quarter net profit reached KRW 128.6 billion (US$111 million), increasing 37.9 percent. Operating profit for the period was KRW139.2 billion, up 12.3 percent year-on-year. […]
Paradise Co. said gross gambling revenue rose 15.4 percent in October from the same period a year earlier, led by strong growth in gaming machines.
Paradise Co., which operates foreigner-only casinos in South Korea, posted a wider Q2 loss although revenue gained.
Paradise Co, which operates four casinos in South Korea, reported a 19 percent gain in July revenue, driven by table games.
South Korea’s foreigner-only casinos posted strong revenue growth in 2018, gaining 34 percent over the prior year, according to figures from the country’s National Gambling Control Commission.
Casino revenue for South-Korean operator Paradise Co Ltd rose 18.5 percent year-on-year in May, driven by a continued surge in table game revenue. Said revenue reached KRW 61.4 billion (US$52 million), compared to KRW 51.8 billion in May 2018. In a filing to the Korean Stock Exchange, Paradise said that table games revenue was the […]
South Korea’s three major operators are likely to come through the economic downturn caused by the Covid-19 pandemic without too much difficulty, but the smaller and weaker operators on the island of Jeju may face a much tougher time, analysts say.
South Korea wants to turn the area near Incheon International Airport into a version of Manila’s Entertainment City, but its vision is at risk from competition from Japan.