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Korea’s Paradise Co sees casino revenues plummet 86.1% in April

Newsdesk by Newsdesk
Thu 7 May 2020 at 15:33
Korea recovery continues as Paradise Co sees June revenue soar 25.9%

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Korea’s leading foreigner-only Casino operator, Paradise Co, reported an 86.1% fall in casino revenues in April to KRW7.93 billion (US$6.5 million), having shuttered its four casinos for a large chunk of the month due to COVID-19.

Paradise closed Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand on 23 March, later reopening Jeju Grand on 13 April and the remaining three on 20 April – the first of Korea’s casinos to restart operations.

The impact, naturally, was significant with table game revenue for the month down 87.1% year-on-year to KRW6.91 billion and machine revenue down 71.7% to KRW1.02 billion. Table drop was down 90.4% to KRW56.80 billion (US$46.4 million).

April’s casino revenue results, which were also down 57.8% on March, mean that total casino revenue for the first four months of 2020 has fallen 25.8% year-on-year to KRW162.24 billion (US$132.6 million).

Paradise Co’s main rival in South Korea’s foreigner-only casino market, GKL, announced on Wednesday it has also reopened its properties.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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