Paradise Co Q4 Losses Growth Cuts Annual Deficit

Paradise Inc., which operates foreign-only casinos in South Korea, reported a higher fourth-quarter loss compared with a loss in the same quarter in 2017.

The loss in the three months to Dec. 31 was just over 17.07 billion won (about $15.2 million), a sharp drop from the same period last year (11.8 billion won).

The group did not elaborate on why its quarterly losses last year-on-year.

However, Paradise Sega Sammy, which operates Paradise City Casino Resort (pictured) near Incheon International Airport, a major airport in Seoul, pointed out that its net loss in the quarter widened significantly to 42.46 billion won compared to 3.1 billion won in the fourth quarter of 2017.

Paradise Segasammi is a partnership between Paradise and Japan Segasammi Holdings. Paradise has a stake in the partnership.

The company said its “operating expenses” have come into play since Paradise City’s first phase and second phase opened on Sept. 21 last year. In November, it announced that a theme park will open in Paradise City in the first half of this year.

The company noted in its latest earnings that Paradise City, which was launched in April 2017, hit a new quarterly record high in the fourth quarter of 2018, or the amount players received before deducting their prize money. Paradise City’s quarterly casino sales were 71.88 billion won, up 16.6% from the nearly 61.66 billion won casino decline recorded in the fourth quarter of 2017.

On a separate basis, Seoul’s Paradisco casino chief Walkerhill and Jeju Grand on Jeju Island posted casino sales of 104.2 billion won in the fourth quarter, up 10.1% year-on-year.

The port city of Paradise Hotel Busan of the same name recorded 21 billion won in general sales during the period, up 2.0 percent from a year earlier, and according to another chart, casino sales reached 20 billion won. Walkerhill’s casino sales were about 80.7 billion won, while Jeju Grand’s sales in the last quarter of 2018 were about 7.4 billion won.

Judging by year, Paradise Co., Ltd.’s net loss in 2018 decreased from KRW 189.5 billion to KRW 10.97 billion annually in 2017.

If you look at Paradise’s fourth-quarter ‘soft drop’, which is the amount that customers exchanged for chips at the game table, it totaled just under KRW 1.61 trillion.

Among the quarterly soft drops, Chinese VIP players accounted for W541 billion, Japanese high rollers accounted for W475 billion, and other market VIPs accounted for W314 billion. Popular market players contributed W277 billion.

BY: 카지노사이트

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