Paradise Co narrows loss to $16.2m for Q1 2021
Paradise Co has reported a loss of KRW18.2bn ($16.2m) for Q1 2021, against a loss of KRW67.5bn recorded for Q4 2020. Paradise is one of two foreign player-only casino operators in South Korea and the drop in figures is directly related to travel restrictions due to the ongoing Covid-19 pandemic.
The company’s Q1 casino sales were KRW37.9bn, a 52% year-on-year drop; it also shows a 31% quarter-on-quarter decline. Comparing sequential quarters, Paradise sales dipped by 7% to KRW96.6bn, as sales were down 48% year-on-year.
EBITDA for Q1 was KRW12.9bn, a 76% increase from KRW7.3bn in Q4 2020. Year-on-year EBITDA shows a 59% drop. Paradise City casino earned KRW30.2bn in casino sales, a 51% increase from the last quarter, but a 60% decline from the same period last year.
The company operates several venues in the country: the Walkerhill casino in Seoul and the Paradise casinos in Busan and Jeju. The operator also partnered with Sega Sammy Holdings to operate the Paradise City IR as a joint venture under Paradise Sega Sammy.
Paradise Sega Sammy reported a 60% year-on-year drop in casino sales for Q1, but hotel sales rose by 5% compared to the same period the previous year. Social distancing measures in the country have been eased since February, so the company is optimistic about growing hotel occupancy rates.
Paradise Hotel Busan recorded a 13% increase in hotel sales for Q1, while May’s figures are predicted to exceed pre-Covid levels, according to Asia Gaming Brief. Paradise is planning to open some of its attractions that were shut down since the summer of last year, including CIMER spa, its theme park, “Wonder Box” indoor family amusement park and Club Chroma nightclub.
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