Leading South Korean foreigner-only casino operator Paradise Co has yet to experience any notable uptick from the nation’s eased border policies, with casino revenue falling 21.8% month-on-month, and 16.5% year-on-year, to KRW13.3 billion (US$10.3 million) in June.
Table game fell 27.8% sequentially to KRW10.7 billion (US$8.25 million), although machine revenue grew 19.4% to KRW2.58 billion (US$1.99 million).
The June decline was largely due to bad luck, with Paradise booking an 11.0% sequential increase in table drop to KRW135 billion (US$104 million).
For the first six months of 2022 combined, casino revenue is down 10.1% year-on-year to KRW101 billion (US$78.1 million) with table games revenue down 12.3% to KRW88.4 billion (US$68.2 million) and machine revenue up 9.2% to KRW12.8 billion (US$9.88 million).
Paradise Co operates Paradise Walkerhill in Seoul, Jeju Grand, Busan Casino Paradise and Paradise City in Incheon.
South Korea’s foreigner-only casinos have been banking on an increase in international business after the government announced the removal of a mandatory hotel quarantine requirement for unvaccinated international visitors from 8 June 2022.
Authorities also lifted flight restrictions at Incheon International Airport in order to ensure flights can operate more efficiently, while South Korea has also resumed the issuance of tourist visas for the first time in more than two years as of 1 June.
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