Paradise Co reports 57% year-on-year decline in revenue
Paradise Co Ltd has reported accumulated casino sales from January to December 2020 of KRW335.3bn ($308.5m), a 57% decrease from the same period last year.
Table games represented KRW310.4bn of the total, a 58% year-on-year decrease, with machines representing KRW24.9bn, a 44% decline from 2019.
In a statement on the company’s website, the South Korean operator of foreigner-only casinos said that business had been directly impacted by the coronavirus pandemic.
March revenue was particularly affected, with the beginning of the pandemic seeing sales of KRW19.72bn, a 61% drop from the previous year. Sales in Q2 and Q3 were similarly impacted, standing at KRW36.3bn and KRW40bn respectively. The former represented a 66% yearly decline, with the latter seeing a year-on-year drop of 63%.
December revenue did, however, rise greatly month-on-month. It saw sales of KRW44.2bn, a 332% increase from November. The improvement has been linked to an influx of Korean VIPs, along with the suspension of operations from other casinos.
“The influx of overseas customers will be difficult until the first half of this year, but depending on the global vaccination situation, some recovery will be possible from the third quarter as soon as possible,” Paradise said.
“We will continue our efforts to overcome the crisis such as diversifying business channels and improving efficiency, keeping an eye on the aftermath of COVID-19.”
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