Paradise Co Ltd, a South Korean operator of foreigner-only casinos, reported in a Wednesday filing that its 2021 casino revenue fell 25.7 percent year-on-year. Such revenue was just under KRW249.76 billion (US$208.8 million), compared to KRW335.97 billion in 2020.
In its announcement to the Korea Exchange, the group did not give commentary on the reasons for the year-on-year decline.
Last year saw a number of business disruptions to South Korea’s casino sector, associated with the Covid-19 pandemic.
The figures are based on the group’s casino business division, covering Walkerhill in Seoul, Jeju Grand on Jeju island, Paradise City at Incheon – run via a venture with Japan’s Sega Sammy Holdings Inc – and at Busan (pictured).
In 2021, Paradise Co’s table game revenue declined 27.1 percent, to just under KRW226.89 billion. Machine game revenue contracted by 8.1 percent, to KRW22.87 billion.
Table drop for the year – the amount of cash exchanged for chips by customers at the table – fell 26.6 percent, to KRW1.71 trillion.
For December, the group’s casino revenue rose 203.0 percent month-on-month, to KRW29.92 billion.
December table game revenue increased by 249.3 percent sequentially, to KRW28.0 billion. Machine game revenue for the month was up 3.3 percent from November, at KRW1.92 billion.
