Casino company Paradise falls to negative EBITDA in Q1

Paradise Inc., South Korea's foreign-only casino operator, reported negative earnings before interest, taxation, depreciation and amortization (EBITDA) of nearly 1.49 billion won ($1.15 million) in the first quarter of this year.

This compares with the group's EBITDA of 2.76 billion won in the fourth quarter of last year and EBITDA of 12.93 billion won in the first quarter of 2021.

Paradise posted an operating loss of 25.53 billion won in the three months ended March 31, compared with 20.42 billion won in the previous quarter and 12.22 billion won in the previous quarter. This is the company's latest financial results filed Thursday.

Paradise said casino sales in the first quarter were close to 31 billion won, down 37.4% on a quarterly basis and 18.1% on a year-over-year basis.

Gaming Table "Drop" – Gaming table "Drop," the amount that customers pay for gaming chips, fell 11.8 percent sequentially to W359 billion in the first quarter, and 4.8 percent year-on-year.

The group's overall first-quarter revenue was 99.73 billion won, up 3.2% year-over-year, but down 10.5% quarter-over-quarter.

The group's casino division consists of Walkerhill in Seoul, Jeju Grand on Jeju Island, and Paradise City in Incheon (file photo), a real estate in the port city of Busan, and operates through Japan's Sega Sammy Holdings Inc. and ventures.

Paradise will focus on "local and expats," including foreigners living in South Korea for its casino business for now, the group said in a separate release on its website on Thursday.

The casino operator noted that Japanese visitors could head to South Korean casinos from "the third quarter" of this year, when travel between the two countries is expected to ease.

Shinhan Financial Investment Co., a Seoul-based brokerage, recently suggested Paradise will likely become the Korean casino operator that will benefit the most from the return of Japanese tourists to the country.

Paradise Co. had a net loss of 28.58 billion won for its shareholders in the first quarter, down from 47.05 billion won in the previous quarter. The group had a net loss of 18.2 billion won in the first quarter of the previous year.

BY: 바카라사이트