Scientific Game

Lawsuit loss hits earnings for Korea’s Paradise Group

Tuesday, 13 March 2018 06:26
Share
Visit us

Korea’s Paradise Group saw its net income tumble to a loss of KRW12.8 billion (US$12 million) in 4Q17, down from a profit of KRW4.4 billion in the same period last year despite sales increasing 9.2% to KRW189.6 billion.

The figures have been revised down from original calculations after Paradise lost a lawsuit related to a rental dispute over one of its Jeju properties, with the company having originally calculated a loss of KRW5.3 billion for the three months to 31 December. Paradise says it will appeal the decision.

Profit from continuing operations before tax suffered a big hit in the quarter, amounting to a loss of KRW16.6 billion (US$15.6 million) – down from a positive result of KRW5.8 billion in 4Q16 and KRW2.9 billion in the previous quarter. Those figures also suffered from the lawsuit loss to the amount of KRW10.3 billion, having originally been calculated at a loss of KRW6.3 billion.

The revised numbers see Paradise Group’s net income for Full Year 2017 fall from a loss of KRW32.4 billion to an increased loss of KRW39.9 billion (US$37.5 million), while profit before tax reached a loss of KRW33.5 billion compared with a previous figure of KRW23.2 billion.

Sales for the year fell 3.9% to KRW668 billion (US$627.6 million), boosted by a late surge towards the back end of the year. Paradise has previously reported that its gaming revenue for December increased 16.7% year-on-year to KRW51.8 billion (US$48.5 million), driven by a 19.8% rise in table game revenue to KRW49.2 billion. The company operates five casinos in Korea including the country’s first integrated resort, Paradise City in Incheon, as well as Walker-hill, Busan Casino, Jeju Grand and Jeju Lotte.

 

What's new

VIDEO: Week in Review

VIDEO: Week in Review Inside Asian Gaming takes a look back at the biggest stories of the past week. Friday, 22 June 2018 07:06

Melco hosts workshop on Occupational Safety and Health Management for SMEs

Melco hosts workshop on Occupational Safety and Health Management for SMEs Melco Resorts & Entertainment Limited has conducted a workshop in which it shared with local SMEs the latest trends in Occupational Safety & Health Management Certification and Melco’s experience and expertise in the matter. The workshop attracted SME representatives from various industr... Friday, 22 June 2018 06:55

SJM grants Ina Chan 3 million ordinary shares

SJM grants Ina Chan 3 million ordinary shares Ina Chan, a newly appointed executive director at SJM Holdings and third wife of former Chairman Stanley Ho, has been granted share options totaling 3 million ordinary shares, the company has announced. The shares have an exercise price of HK$10.26 per share. Dr Chan was voted to the board at SJM... Friday, 22 June 2018 06:51

Korea’s foreigner-only casino turnover down 5.4% in 2017

Korea’s foreigner-only casino turnover down 5.4% in 2017 Korea’s foreigner-only casinos saw turnover fall 5.4% to KRW1.2 trillion (US$1.1 billion) in 2017 according to figures released this week by the National Gambling Control Commission (NGCC). The fall in casino gaming activity was linked to a similar 6.2% decline in casino visitation to 2.2 million... Friday, 22 June 2018 06:35

Current Issue

Tribal Ambition

Tribal Ambition By Muhammad Cohen and Ben Blaschke   Mohegan Gaming and Entertainment CEO Mario Kontomerkos believes the Native American casino operator has two aces in the hole for Japan, especially when it comes to the so-called regional markets beyond major areas. In his presentation at last month’s Japan ... Monday, 04 June 2018 20:55

Social Gathering

Social Gathering By Shaun McCamley   Social casino gaming is booming. In 2017, the global social gaming industry generated a whopping US$106 billion in revenues, with the social casino segment generating US$4.5 billion in revenues. Not surprisingly China, Japan and Korea generated 90% of the games revenue in the... Monday, 04 June 2018 20:44

Redefining Tourism

Redefining Tourism By Muhammad Cohen   In an era when tourism constitutes a growing portion of the global economy, integrated resorts present a potent although frequently misunderstood means for growing visitor arrivals and revenue. It’s not simply the casino but their range of attractions that make IRs such powe... Monday, 04 June 2018 20:37

Japan IR Timeline

Japan IR Timeline By Ben Blaschke   What year for Japan’s first IR? It’s a question that continues to divide industry stakeholders, the answer further clouded by the substantial disparity in opinion offered at last month’s Japan Gaming Congress (JgC) in Tokyo. At the nearer end of the scale, members of the... Monday, 04 June 2018 20:27