Paradise Co, a foreigner-only casino operator in South Korea, has reported a net loss of KRW59.2bn ($52.8m) for Q4 2020.
Full-year net loss stood at KRW109.8bn, a major step back from a profit of KRW15.1bn reported for the year of 2019.
Sales for Q4 2020 were KRW104.6bn, a 61% year-on-year drop from, while casinos earned KRW54.9bn for the quarter and KRW16bn came in from hotels.
Annual sales fell by 54% to KRW454.4bn. In 2020, casinos brought in KRW208.9bn, while hotel segments earned KRW62bn. Operating loss was KRW86.3bn.
The company operates four casinos: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan and Paradise City in Incheon. The declines in figures can be attributed to the restricted business and temporary closures due to COVID-19.
According to Asian Gaming Brief, South Korea’s news agencies are suggesting Paradise might be thinking of selling its idle property near the Paradise Busan facility, to offset cash flow problems.
The operator is allegedly in talks with Hanyang, a development firm, and Paradise is hoping to get close to KRW160bn for the property.