Paradise Co. sold Gangnam business office developing in March

South Korean on line casino operator Paradise Co. reportedly offered 1 of its office buildings in Gangnam in March in order to bolster liquidity amidst falling revenues from its gaming organization. 

According to Korean language media outlet Biz Korea, the office environment constructing was marketed for KRW100.5 billion (US$79 million) on March 31st and arrives just after Paradise Co. instituted voluntary retirement schemes at its casinos in Seoul, Busan, and Jeju in January. 

A Paradise official, quoted by Korea Biz mentioned, “This sale was carried out to safe liquidity and enhance the monetary framework that has deteriorated because of to the prolonged Corona 19.” ​ 

In 2021, Paradise Co. documented a 26.5 percent drop in on line casino profits, which came in at less than 50 percent of its pre-pandemic levels. 

The sales continued to drop calendar year-on-year in January and February but managed to rise up 11.8 % in March. 

South Korea’s foreigner-only casinos have been among the the worst-strike in Asia from the pandemic because of to the absence of intercontinental tourism. 

Paradise operates the Paradise City IR in a joint enterprise with Sega Sammy, as well as the Jeju Grand, Paradise Walkerhill, and Paradise Busan casinos.  It also runs a hotel in Busan, Orlando in the U.S., and a Spa in Asan Metropolis.