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GGRAsia – Paradise Co casino revenue dips 6 pct m-o-m in May
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GGRAsia – Casino operator Paradise Co narrows loss in 1Q
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Such revenue was KRW14.82 billion (US$13.2 million) versus nearly KRW22.60 billion in March.
The April 2021 number was still 86.3 percent higher than the KRW7.96 billion achieved in April last year.
Foreigner-only casino operations in South Korea continue to face headwinds as a result of measures to counter Covid-19 across the country. Steps include so-called social distancing protocols nationwide and restrictions on inbound travel applicable to non-nationals or non-residents.
Paradise Co’s gaming operations are at: Walkerhill in Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City (pictured in a file photo), at Incheon, near the main international airport serving the country’s capital Seoul.
COVID-19 keeps March casino revenue subdued for South Korea’s Paradise Co
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South Korean foreigner-only casino operator Paradise Co showed signs of improvement in March, with casino revenue up 20.2% year-on-year and 24.6% on February to KRW22.55 billion (US$20 million).
However, the numbers remain notably low compared with pre-COVID-19 levels. Paradise had recorded casino revenue of KRW979.43 billion (US$868 million) in 2019 at an average of KRW81.6 billion (US$72 million) per month – almost four times higher than during March 2021.
Paradise operates four casinos nationwide – Paradise Walkerhill, Busan Casino, Jeju Grand and integrated resort Paradise City in Incheon. Paradise City is a joint venture with Japan’s Sega Sammy Holdings in which Paradise holds 55% and Sega Sammy 45%.
Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, said in a Wednesday filing that its February casino revenue declined 36.5 percent judged month-on-month. Measured year-on-year, such revenue fell 72.9 percent.
The group’s February casino revenue was just under KRW17.38 billion (US$15.4 million), a decrease on the KRW27.37 billion achieved in January this year, and a even larger decline versus the more than KRW64.10 billion achieved in February 2020.
Paradise Co’s gaming operations are at: Walkerhill in Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City (pictured in a file photo), in Incheon, near the main international airport serving the country’s capital Seoul.
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