GGRAsia – Paradise Co casino revenue down 56pct m-o-m in July

Paradise Co casino revenue down 56pct m-o-m in July

Aug 02, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino revenue at Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, declined by 56.3 percent month-on-month in July, and by 60.0 percent judged year-on-year.

The decline coincided with an uptick in Covid-19 infections in South Korea, a situation that at the end of July resulted in the authorities introducing so-called “Level 4″ social distancing protocols – the highest state of alert – for the Seoul and Incheon areas, two important operating markets for Paradise Co.

The company’s July casino revenue was nearly KRW6.95 billion (US$6.04 million) versus KRW15.89 billion in June, according to Paradise Co’s filing to the Korea Exchange on Monday. The group’s casino revenue in July 2020 had been KRW17.36 billion.

Table revenue declined by 63.4 percent month-on-month this July, to KRW5.03 billion, from KRW13.74 billion in June. Judged year-on-year, July table revenue represented a decrease of 67.3 percent from the KRW15.40 billion achieved in July 2020.

Machine-game revenue this July reached nearly KRW1.92 billion, a decline by 10.9 percent from the previous month. This July’s result was down 2.2 percent on the nearly-KRW1.96 billion generated from that segment in July 2020.

Paradise Co’s aggregate casino revenue for the first seven months of 2021 was just above KRW119.51 billion, down 46.4 percent year-on-year on the nearly KRW223.16 billion in the same period of 2020. Table revenue for the January to July period was KRW105.84 billion, a decline of 48.9 percent on the KRW207.12 billion in the same period last year.

Table drop – the amount of cash exchanged for chips by customers at the table – declined by 26.2 percent month-on-month in July, to KRW143.64 billion, relative to the KRW194.77 billion in June.

July’s year-on-year table drop performance was however up 13.0 percent on the KRW127.15 billion in July 2020.

The figures are based on the casino-business division comprising Paradise Walkerhill, in South Korea’s capital Seoul; Jeju Grand on Jeju island; Paradise City (pictured) at Incheon outside Seoul; and Busan Casino in the southern port city of the same name.

The group’s casino business division occupied 73.9 percent of consolidated sales and 97.7 percent of separated sales in 2020.

In mid-July, Paradise Co had reopened some previously-paused non-gaming facilities at Paradise City.