Paradise Co Q1 casinos sales drop 51%, loss narrows

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.

Casino revenue fell to KRW37.86 billion from a year earlier, while the net loss was KRW26.25 billion, from KRW80.63 billion in Q4.

Paradise runs foreigner-only casinos – Paradise Walker Hill, Paradise Busan and Paradise Jeju, as well as the Paradise City integrated resort in Incheon.

Company statement