Paradise Co net profit plummets in Q1
South Korean casino operator, Paradise Co, have announced a 92% net income drop to KRW1.27bn (US$1.14m) for the first quarter of 2017.
In a filing at the South Korean stock exchange, Paradise Co reported an operating loss of approximately KRW7.70bn ($6.8m), compared to an operating profit of KRW15.34bn (13.7m) in the prior-year period.
The company also said adjusted EBITDA declined by 93.6% year-on-year, whilst total revenue fell by 9.3%.
According to Paradise Co, the figures were based on its “casino business division”, comprising of the venues Walkerhill in Seoul; Jeju Grand on Jeju Island; a property at Incheon; and one at Busan.
Although Paradise Co opened its newest casino resort on 20 April, Paradise City, the disappointing results coincide with China and South Korea’s diplomatic row regarding the threat of North Korea.
The number of Chinese visitors to South Korea fell by almost 40% year-on-year in March.
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