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COVID-19 keeps March casino revenue subdued for South Korea’s Paradise Co

Newsdesk by Newsdesk
Fri 2 Apr 2021 at 04:47
Korea’s Paradise Co suspends Seoul casino operations as national COVID cases grow
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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%.

Revenue for the first three months of 2021 combined was down 55.9% year-on-year to KRW68.02 billion (US$60 million).

Table drop through the first three months of the year was also down 67.6% to KRW377.35 billion (US$334 million), although March drop of KRW135.06 billion (US$120 million) was 4.8% higher than March 2020 and 13.4% better than February 2021.

The slow start to 2021 comes after Paradise Co recently reported a loss of KRW109.85 billion (US$98 million) in 2020.

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Tags: casino revenueIncheonParadise CityParadise CoParadise WalkerhillSouth Korea
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Newsdesk

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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