GGRAsia – Paradise Co casino revenue stable month-on-month in Aug

Paradise Co casino revenue stable month-on-month in Aug

Sep 07, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck

Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, said in a Monday filing that its August casino revenue had been stable judged month-on-month. August casino revenue was KRW17.30 billion (US$14.6 million), versus KRW17.39 billion in July, down 0.5 percent sequentially.

Judged year-on-year, the August number dipped 75.0 percent, from the KRW69.08 billion achieved in August 2019.

July had seen a 26.3-percent sequential improvement in such revenue.

Table-game revenue this August at Paradise Co was flat month-on-month, at just under KRW15.41 billion, but 76.6 percent down on August 2019’s nearly KRW65.74 billion.

Machine-game revenue last month was nearly KRW1.90 billion, a decline sequentially of 3.3 percent, versus the close to KRW1.96 billion in July. Measured year-on-year, this August’s machine-game revenue was down 43.4 percent on the monthly tally of nearly KRW3.35 billion in 2019.

The latest data took Paradise Co’s 2020 casino revenue for the calendar year to August 31 to almost KRW240.44 billion, down 51.4 percent on the KRW494.25 billion achieved in the same time span in 2019.

The year to August-end table-game revenue was down 52.1 percent year-on-year, at KRW222.50 billion, versus KRW464.67 billion.

Machine-game revenue for the first eight months of 2020 was down 39.4 percent, at KRW17.93 billion, versus nearly KRW29.58 billion a year earlier.

Paradise Co’s gaming operations are at: Walkerhill in Seoul; Jeju Grand on Jeju Island (pictured in a file photo); 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.

Paradise Co confirmed in a Friday announcement that the casino at Paradise City is currently closed indefinitely.

South Korean media outlets said a key reason was that Covid-19 infection was found recently in two casino workers. A total of six resort workers – four in non-gaming roles – had been detected with the sickness as of Friday, according to local media.

Paradise City is a venture between Paradise Co and Japanese entertainment conglomerate Sega Sammy Holdings Inc.