South Korea: Paradise reports net loss of $52.8m for Q4 2020


Paradise Co, which is one of the foreigner-only casino operators in South Korea, has reported a net loss of KRW59.2bn ($52.8m) for Q4 2020.

According to report by Gambling Insider, full-year net loss stood at KRW109.8bn. This was a blow from the profits of previous years which stood at KRW15.1bn in 2019.

While casinos earned KRW54.9bn for the quarter, hotels earned KRW16bn.

The Operating loss was reported to be KRW86.3bn.

The company operates four casinos: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan and Paradise City in Incheon and is planning to sell off few idle properties.