Third-quarter net deficit for South Korea’s Paradise Company Limited

Home » Third-quarter net deficit for South Korea’s Paradise Company Limited

South Korean casino operator Paradise Company Limited has reportedly released its financial results for the third quarter showing that its net profit declined by over 147% year-on-year to a deficit of slightly beyond $14.63 million.

According to a Wednesday report from Inside Asian Gaming, the three-month figure was nevertheless better than the almost $28.62 million shortfall the Seoul-listed firm chalked up over the course of a second quarter in which all of its properties were shuttered for around a month as a result of the coronavirus pandemic. The source detailed that the operator’s giant Paradise City integrated casino resort near the port city of Incheon was subsequently closed for eight days in September after six of its employees tested positive for the highly-contagious ailment that has so far killed 487 people in South Korea.

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Receipts reversal:

Paradise Company Limited is also responsible for smaller hotel-based venues in the South Korean cities of Seoul, Busan and Jeju and reportedly saw its third-quarter casino sales decrease by 67% year-on-year to $81.26 million although this equated to a rise of 21.3% when compared with the second-quarter tally of approximately $66.81 million.

October optimism:

Currently one of the subjects of an official probe being conducted by South Korea’s National Tax Service, the casino operator has moreover now reportedly recorded a drop of 50.7% year-on-year in nine-month aggregated sales to just shy of $389.71 million. However, the firm purportedly recently explained that its combined receipts for October had improved by 9% month-on-month to $24.89 million although this figure still equated to a fall of 72.2% when compared with the same 31-day month in 2019.

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