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.
파라다이스, 결국 재현된 미매각 악몽 (PaxNet News)
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.
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 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.