Paradise City non-gaming facilities reopening may be delayed

Paradise City in Incheon, South Korea, was planning to reopen its non-gaming facilities from July but an outbreak in Covid-19 cases could delay its plans again.

South Korea.- Paradise City casino resort hoped to resume non-gaming activities in July after a year of closure. However, a test reopening has been cancelled due to Level 4 social distancing rules introduced by the government amid a rise in Covid-19 cases.

The casino operator said it will make a decision next week on its slated July 16 opening. The casino operator has been struggling with a lack of tourists and a drop in visits to casino venues due to the Covid-19 pandemic. The Ministry of Health reported 1,316 new Covid-19 cases in the last 24 hours.

Paradise Co posted losses of KRW18.2bn (US$16.2m) for the first quarter of the year. Casino sales for the first quarter reached KRW30.2bn, down 60.2 per cent when compared to 2020 but up 51.4 per cent sequentially. 

EBITDA was KRW12.9bn, up 76.3 per cent when compared to the previous quarter (KRW7.3m) but down 59 per cent year-on-year.

Paradise Co June revenue up 6.1 per cent

The casino operator reported that revenue for June was up 6.1 per cent month-on-month from KRW13.88bn (US$12.5m) to KRW16.05bn (US$14.2m). Revenue was up 6.1 per cent year-on-year

Table revenue was up 16.6 per cent month-on-month and 14.6 per cent year-on-year to nearly KRW13.90bn. Machine game revenue reached almost KRW2.15bn, up 12.6 per cent from May and 26.8 per cent year-on-year.

Aggregate casino revenue during the first half of the year stands at KRW112.72bn, down 45.2 per cent from KRW205.80bn when compared to 2020. Table revenue is down 47.3 per cent and machine game revenue 16.5 per cent.