Paradise Group, Korea’s leading operator of foreigner-only casinos, has reported a 30.4% year-on-year decline in gaming revenues in May, down to ₩41.6 billion from ₩59.7 billion 12 months earlier.
In a Wednesday filing, Paradise Group announced a 30.9% decline in table game revenues for the month to ₩39.1 billion, while revenue from gaming machines fell 20.3% to ₩2.5 billion.
The results come despite the opening of Paradise City – Korea’s first integrated resort – in Incheon on 21 April, with May representing the property’s first full month of operations. However, sequential results saw some improvement with gaming revenue up 7.5% from April.
The opening of Paradise City in April was clouded by the ongoing THAAD missile dispute which has seen Chinese tourism to its neighbor plummet in recent months. Nevertheless, Paradise Group Chairman and CEO Phillip Chun has stated his intention to continue with the development of Phase 2 of Paradise City which will include retail outlets, a spa, nightclub and family attractions.
“Paradise City was a challenge best suited for Paradise Group, a first mover in the tourism industry,” Mr Chun said recently. “We will raise the stature of Korea through Paradise City – East Asia‘s first integrated resort – and create a K-style destination for visitors from all over the world.”
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