Net income of casino operator Paradise Co. Ltd plunged by 92 percent in the first quarter of the year, the third South Korean operator to report a dismal revenue.

Paradise reported before the Korea Exchange that its net income for the first three months of 2017 dropped to KRW1.27 billion (US$1.13 million) from KRW15.76 billion (US$14.07 million) in the same period last year.

Its operating loss in the January to March 2017 period was at KRW7.70 billion (US$6.88 million). Last year, Paradise notches an operating profit of KRW15.34 billion (US$13.7 million).

Earnings before interest, taxation, depreciation and amortization (EBITDA) of Paradise was also in the red, dropping 93.6 percent year-on-year to KRW1.44 billion (US$ 1.29 million) while its total revenue dropped by 9.3 percent year-on-year in the first quarter to about KRW142.4 billion (US$127.18 million), from KRW157 billion (US$ 140.2 million) in the prior-year quarter.