South Korea’s has reported sales of KRW111.46 billion in the three months to 31 December 2021, 7.1% higher than the same period in 2020 but 8.5% lower than in the September 2021 quarter.
The Q4 results included KRW49.53 billion in casino sales, down 9.9% year-on-year but 10.2% higher than in Q3. Hotel sales grew 13.6% year-on-year and 38.0% quarter-on-quarter to KRW85.58 billion.
Despite the improvement compared with the fourth quarter of 2020, Paradise fell to a KRW40.12 billion loss attributable to shareholders in 4Q21, significantly wider than the KRW6.19 billion loss the company booked in Q3 although narrowed from a loss of KRW67.50 billion in 4Q20. Operating loss was KRW20.34 billion, down from an operating profit of KRW4.81 billion in the previous quarter.
The company said it recorded “stable gaming demand from locals and expats” while “hotel sales continue to grow thanks to strong local leisure demand.” This included an 81.9% year-on-year increase in hotel sales at Paradise City in Incheon to KRW21.03 billion.
Paradise operates four casinos in Korea – Paradise Walkerhill in Seoul, Jeju Grand, Busan Casino Paradise and Paradise City in Incheon.
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