Paradise Co. Ltd., which operate the Paradise City casino resort near Seoul, South Korea, has reported that it was able to cut its losses in the last quarter of 2018, but that it still wasn’t an impressive period. It improved its negative situation and reported losses of $15.16 million for the quarter, compared to the $10.48 million it was down in Q4 of 2017.
Paradise Sega Sammy Co. Ltd., which directly runs Paradise City, reported quarterly losses of $37.72 million. A year earlier, that loss was just $2.75 million. Paradise Sega is a partnership created between Paradise and Japan-based Sega Sammy Holdings Inc., in which Paradise Co. maintains an equity-accounted interest.
One of the factors in the drop at Paradise City was from an increase in “operation costs,” according to Paradise Co. Those costs had risen due to the opening of the second stage of the venue’s phase one project last September.
The company also stated that Paradise City set a new record high in a given quarter in casino drop, the amount wagered by players before subtracting any payouts. The drop was $63.795 million, a 16.6% increase over the $54.732 million seen a year earlier.
Elsewhere under the Paradise umbrella, Walkerhill and Jeju Grand, venues it operates in Seoul and Jeju Island, respectively, saw casino sales of $92.58 million. This represents a 10.1% increase over the same quarter in 2017. Walkerhill’s figures came in at $71.7 million, while Jeju Grand’s were approximately $6.57 million.
Paradise Hotel Busan, located in the port city of Busan, reported $18.658 million in general sales, an increase of 2% year-on-year.
The net loss incurred by the gaming company for full-year 2018 was $9.74 million. While still high, it was better than the $16.83 million seen a year prior. The aggregate soft drop, the amount of cash exchanged for chips at the tables, for the company was approximately $1.43 billion.
Of the soft drop, Chinese VIP gamblers gave the most. They accounted for $480.71 million of the drop, while Japanese VIPs accounted for $422.07 million. Other markets contributed a combined $279.01 million in Paradise’s soft drop numbers.
Mass-market players gave the company $246.171 million.
