Paradise Co February casino sales down 6pct m-o-m

Mar 03, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, reported casino sales of KRW17.07 billion (US$14.2 million) for February, down 5.9 percent sequentially, and a decline of 5.7 percent from the prior-year period.

Table-game sales last month were down 4.9 sequentially from January, and 4.1 percent year-on-year, at nearly KRW15.38 billion, according to a Wednesday filing to the Korea Exchange.

Machine-game sales were down 13.6 percent month-on-month, to nearly KRW1.70 billion. Such sales declined by 17.7 percent in year-on-year terms.

February’s table drop – the amount paid by customers to purchase chips at the table – was 14.6 percent down on January, and 11.5 percent down on February 2021, at KRW105.38 billion.

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.

Since mid-January, all casinos in South Korea have been required to ask customers for proof they have either completed a course of vaccination against Covid-19, or possess a valid ‘negative’ test result.

Last month, Paradise Co reported positive earnings before interest, taxation, depreciation and amortisation (EBITDA) for the fourth quarter of 2021, helped by “stable demand” from its customers. But it recorded a net loss of KRW40.12 billion in the final quarter of 2021, according to its earnings release.

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