GGRAsia – Paradise Co 2020 casino revenue down 57pct y-o-y

Paradise Co 2020 casino revenue down 57pct y-o-y

Jan 06, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck

Paradise Co Ltd, a South Korean operator of foreigner-only casinos, reported in a Wednesday filing that its December casino revenue reached KRW42.22 billion (US$38.9 million), a surge of nearly 332 percent when compared to November. Measured year-on-year, December casino revenue declined by nearly 40 percent.

Paradise Co’s latest monthly result took the group’s casino revenue for full-year 2020, to KRW335.29 billion, a 57.2 percent decrease on the group’s KRW784.06 billion 2019 casino revenue.

Paradise Co’s gaming operations are at: Walkerhill in the South Korean capital, Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City, in Incheon, near the main international airport serving the country’s capital Seoul.

Of those four properties, the group’s Walkerhill gaming venue generated highest casino sales, at over KRW173.7 billion for the full year 2020. Second in sales was Paradise City – a venture formed of Paradise Co and Japan’s Sega Sammy Holdings Inc – that generated nearly KRW127 billion for 2020, according to a separate set of data published by Paradise Co.

The Walkerhill gaming venue had closed on December 15, as a Covid-19 countermeasure. The venue, which reopened at 7am on Monday, is again requesting all incoming customers to show evidence of a negative test for Covid-19 infection, which must come from either a recognised health agency, or a hospital.

December’s table game revenue for Paradise Co was up 411.3 percent sequentially to approximately KRW40.82 billion. The figure nevertheless represented a 38.5-percent decline when compared to December 2019. The group’s table game revenue for full-year 2020 reached KRW310.41 billion, down by 58 percent year-on-year, according to the Wednesday filing.

Machine game revenue for December was down 22.3 percent month-on-month, at nearly KRW1.4 billion. Judged year-on-year, such December revenue contracted by 57.3 percent. The group’s machine game revenue for full-year 2020 was KRW24.88 billion, down by 44.4 percent year-on-year.