South Korean casino operator Paradise Co lowers losses in the first quarter compared to the fourth quarter of last year. Its first-quarter loss was KRW18 billion compared to KRW67 billion in the last quarter of 2020. However, it was still high compared to the KRW2.5 billion in the first three months of 2020.
Most casinos in the Asia-Pacific region reported losses in the last couple of months due to the pandemic. Also, many casinos had to close temporarily or limit their access to prevent the spread of the virus.
According to a Korean sportsbook, Paradise Co’s sales in the first quarter of 2021 is 7.1 percent lower than the last quarter of 2020. Also, it decreased by 47 percent year over year. However, 1st quarter casino sales fell by 31 percent to KRW37.9 billion compared to the last quarter of 2020. It was down 51 percent year over year.
Casino Operator Paradise Co Reports Losses
Paradise City casino is a foreign-only casino near the Incheon Airport. Its casino revenue is KRW30 billion during the first quarter of the year. According to online casinos sources, it was down 60 percent from the previous year. However, it was up 51.4 percent of the prior quarter. Paradise Co co-owns the casino with Japanese Sega Sammy Holdings through the Paradise Segasammy Co. partnership.
According to an online casino forum, Paradise Co’s 1st quarter earnings before interest, taxation, depreciation, and amortization were KRW13 billion, which increased from 76 percent compared to KRW7.3 billion from the fourth quarter of 2020. It decreased by 59 percent year over year.
On the other hand, Paradise Segasammy’s EBITDA improved in the first quarter compared to the last quarter of 2020. Its EBITDA in the first quarter was KRW6.9 billion compared to the losses it incurred in the fourth quarter of 2020.