GGRAsia – Paradise Co casino revenue dips 34pct m-o-m in April

Paradise Co casino revenue dips 34pct m-o-m in April

May 04, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck

Paradise Co Ltd, an operator of foreigner-only casinos in South Korea, says its monthly casino revenue fell 34.4 percent sequentially in April.

Such revenue was KRW14.82 billion (US$13.2 million) versus nearly KRW22.60 billion in March.

The April 2021 number was still 86.3 percent higher than the KRW7.96 billion achieved in April last year.

Foreigner-only casino operations in South Korea continue to face headwinds as a result of measures to counter Covid-19 across the country. Steps include so-called social distancing protocols nationwide and restrictions on inbound travel applicable to non-nationals or non-residents.

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

In April, the firm saw its table revenue at nearly KRW13.05 billion, down 36.5 percent on the almost KRW20.54 billion achieved in March. That tally was still 88.0 percent up on the nearly KRW6.94 billion managed in April 2020.

This April’s machine-game revenue was nearly KRW1.78 billion, down 13.7 percent on the KRW2.06 billion in March, though 74.4 percent up on the KRW1.02 billion in April last year.

The April figures took the casino revenue tally for the calendar year to April 30 to nearly KRW82.89 billion, down 48.9 percent on the almost KRW162.21 billion achieved in the first four months of 2020.

The table-revenue tally for the first four months of 2021 was nearly KRW75.19 billion, a decline of 50.6 percent on the almost KRW152.31 billion recorded in January to April inclusive last year.

The calendar-year machine-game revenue to April 30 was KRW7.70 billion, a dip of 22.2 percent versus the KRW9.90 billion managed in the same period last year.

Paradise Co’s table drop amount – the cash exchanged for chips by customers at the table – rose 22.6 percent month-on-month in April, to nearly KRW165.63 billion, from KRW135.06 billion in March. This April’s performance was up 191.6 percent on the KRW56.80 billion in table drop garnered in April last year

For January to April inclusive, Paradise Co’s table drop tally was down 55.5 percent year-on-year, at nearly KRW542.98 billion, from KRW1.22 trillion a year earlier.