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Paradise Co records 34% drop in revenue for April

Paradise Co, a casino operator catering only to foreign players in South Korea, has reported a 34% month-on-month drop in revenue, with KWR14.2bn ($12.6m) generated in April.

SouthKorea

However, it’s an 86% improvement from the KRW7.9bn reported in April 2020.

Table revenue in April was KRW13.05bn, a 37% month-on-month decline from KRW20.54bn in March.

Machine-game revenue slipped by 14% to around KRW1.78bn, but it’s still a 74% growth compared to KRW1.02bn for the same month in 2020.

Casino revenue for the first four months of the year stood at KRW82.89bn, a 49% decline from KRW162.21bn recorded for the same period in 2020.  

Paradise Co operates several properties in the country, including Walkerhill, Paradise City and Jeju Grand. The latter is located on Jeju Island, which houses several foreign-player-only casinos. Currently, due to the ongoing Covid-19 pandemic and the number of cases in the country, travel, health and safety restrictions have heavily influenced gaming-related figures.

Out of the eight casinos on the island, only two were operational as of mid-April: Paradise Casino and Jeju Shinhwa World, which is the largest integrated resort on the island offering non-gaming facilities to Korean nationals. Total revenue from the island’s casinos fell 60% year-on-year to KRW69bn; visitors to the island decreased by 55%.

According to a local media report from MT, Choi Seong-wook, chairman of the Korea Casino Tourism Association, supports the idea of introducing a non-face-to-face gaming experience for players.

“If the non-face-to-face method is limited to foreigner-only casino customers, we will be able to overcome the Covid-19 crisis,” he said.

An official from Jeju added: “The introduction of a non-face-to-face casino is a matter that needs to be aligned with the Government."


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