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Paradise Co reports 56% monthly revenue decline

Paradise Co Ltd has reported November revenue of KRW9.75bn ($8.9m), an 85% decline from the same month in 2019.

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The total also represented a 56% monthly decline from sales of KRW22.35bn in October.

The foreigner-only casino operator runs four venues in South Korea, Jeju Grand on Jeju Island, Walkerhill in Seoul, Busan Casino in the southern port city of Busan, and Paradise City in Incheon.

November’s table game revenue for the four casinos suffered a 61% month-on-month decline, and an 87% year-on-year decline.

It stood at KRW7.95bn, with a machine game revenue of KRW1.8bn.

Machine game revenue fell by 8% monthly, and decreased 54% from November 2019.

Paradise Co’s accumulated casino revenue for the ten months to 30 November is now KRW293.03bn, with table game revenue and machine game revenue representing KRW269.55bn and KRW23.49bn respectively.

The total represents a 59% decline from the prior-year period, with the decrease in revenue coinciding with the ongoing COVID-19 pandemic.

An increase in cases in South Korea, particularly in Seoul, has forced the country’s Central Disaster and Safety Countermeasures Headquarters to enforce stricter measures nationwide.

Fellow foreigner-only operator Grand Korea Leisure Co Ltd confirmed a temporary closure of its Busan Lotte venue earlier this week, having already closed its other two casinos in South Korea last month.


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