GGRAsia – Paradise Co July casino revenue down 76pct y-on-y

Paradise Co July casino revenue down 76pct y-on-y

Aug 05, 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 Wednesday filing that its July casino revenue rose 26.3 percent judged month on month, though measured year-on-year such revenue fell 76.4 percent.

The group’s July casino revenue was just under KRW17.36 billion (US$14.6 million), an increase on the nearly KRW13.74 billion achieved in June this year, but a major decline versus the almost KRW73.69 billion achieved in July 2019.

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.

Gaming operations at the Paradise Co properties had been suspended on March 24 as part of measures in South Korea to control the spread of Covid-19 infection. The firm reopened its casino on Jeju island on April 13. It resumed operations at its remaining three gaming venues on the South Korean mainland on April 20.

This July’s table game revenue at Paradise Co was up 27.9 percent sequentially, at nearly KRW15.40 billion, compared to KRW12.04 billion in June. But the July table revenue was down 78 percent year-on-year, compared to the just under KRW70.05 billion in July 2019.

Machine game revenue for last month was up 15.6 percent month-on-month, at nearly KRW1.96 billion, from almost KRW1.70 billion in June. Judged year-on-year, such July revenue slipped 46.2 percent, from the KRW3.64 billion achieved in July 2019.

The latest monthly data took Paradise Co’s accumulated casino revenue for the calendar year to July 31 to just under KRW223.13 billion, which was 47.5 percent down on the almost KRW425.17 billion booked in the same period of 2019.

Accumulated table revenue for January to July inclusive this year was KRW207.09 billion, down 48.1 percent on the KRW398.94 billion achieved in the equivalent part of 2019.

Aggregate machine game revenue was just under KRW16.04 billion for the first seven months of this year, a decline of 38.9 percent on the KRW26.23 billion in the prior-year period.