GGRAsia – Paradise Co casino revenue dips 6pct m-o-m in May

Paradise Co casino revenue dips 6pct m-o-m in May

Jun 02, 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 6.1 percent sequentially in May.

Such revenue was KRW13.88 billion (US$12.5 million) versus KRW14.78 billion in April. The May 2021 number was also 53.4 percent lower than a year ago, according to Paradise Co’s latest filing.

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 May, the firm saw its table revenue at KRW11.97 billion, down 7.9 percent on the KRW13 billion achieved in April. That May tally was still 56.1 percent down on the nearly KRW27.28 billion managed in May 2020.

The May machine-game revenue was nearly KRW1.9 billion, slightly up 7.3 percent sequentially but down 23.1 percent on the KRW2.48 billion achieved in May last year.

The May figures took the casino sales revenue tally for first five months of this calendar year to nearly KRW96.73 billion, down 49.6 percent on the almost KRW191.97 billion achieved in the first five months of 2020.

The table-revenue tally for the first five months of 2021 was approximately KRW87.11 billion, a decline of 51.5 percent on the almost KRW179.59 billion recorded in January to May inclusive last year.

The calendar-year machine-game revenue to May 31 was KRW9.61 billion, a decline of 22.4 percent versus the KRW12.38 billion managed in the same period last year.

Paradise Co’s table drop amount – the cash exchanged for chips by customers at the table – decreased 17.8 percent month-on-month in May, to nearly KRW136.10 billion, from KRW165.63 billion in April. This May’s performance was also down 27.1 percent in table drop as compared to the KRW186.58 billion garnered in May last year.

For January to May inclusive, Paradise Co’s table drop tally was down 51.7 percent year-on-year, at nearly KRW679.08 billion, from nearly KRW1.41 trillion a year earlier.