Paradise Co, an operator of foreigner-only casinos in South Korea, reported its monthly sales for April, which continue to show a choppy recovery falling 34 percent from the prior month.
Total revenue was KWR14.2 billion ($12.6 million), down from KRW22.5 billion in March. Still, the figure was almost double the KRW7.9 billion reported in the same month last year.
Paradise operates four foreigner-only casinos and has a joint venture with Sega Sammy for the Paradise City integrated resort in Incheon.
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.
Like South Korea’s other casino operators, Paradise Co.’s headline Q1 numbers made for grim reading, although there were positive indicators, such as a narrower loss due to cost cuts and strong hotel performance.
South Korea's Paradise Co. said Q1 casino sales plunged by 51.6 percent due to a lack of international visitation, though its loss narrowed from the prior quarter due to cost cuts.
Paradise Hotel Busan has announced it is trialing an ‘AI Serving Robot’ to expand its non-face to face services to its food and beverage establishments.
South Korean casino operator Paradise Co is expected to record a consolidated operating loss of KRW14.9 billion ($13.3 million) in the first quarter of 2021, according to analysts from Shinhan Investment Corp.
According to a stock market filing, Paradise Co. has replaced CEO Park Byung-ryong with a new executive leader, Sungwook Choi, who has now been installed by the board of directors.
Paradise Co. has filed another disappointing financial report, with its February sales dipping 36.5 percent on the January figure to under KRW17.4 billion (US$15.5 million).
Paradise Co. has reported its fourth quarter and full year financial results for the year 2020, recording full year net losses on its controlling interest of KRW109.8 billion (US$97.8 million).
Paradise Co. reported its casino sales in January declined 36.2 percent from the prior month, after seeing strong improvement in December.
South Korea's Paradise Co. reported a 36.2 percent drop in casino sales for January, compared with the prior month, to KRW27.28 billion ($24.5 million).