Paradise Co extends losses in Q2

South Korea’s largest casino operator Paradise Co. Ltd suffered yet another multi-million losses in the second quarter of the year despite the opening of its newest casino resort Paradise City.

In a disclosure to the Korean Composite Stock Price Index, the casino operator announced incurred an operating loss of KRW27.3 billion (US$24.24 million) in April to July 2017 period against KRW32.8 billion (US$29.31 million) a year earlier.

Total revenue of Paradise Co. from sales plummets 26 percent to KRW139.9 billion (US$124.3 million) in the second quarter, with casino sales tumbling to 31.1 percent to KRW114.9 billion (US$102.05 million) in April to June 2017 period.

The company attributed the dismal performance of their gaming segments to weak VIP luck during the reporting period, as well as a decline in the number of Chinese VIP customers, as a result of a diplomatic row between South Korea and China.