Paradise Co casino sales down 39% in January

Paradise Co has reported that casino sales declined 39.0 per cent month-on-month from KRW29.80bn to KRW18.19bn (US$15.2m).

South Korea.- The South Korean casino operator Paradise Co has shared its financial results for the month of January. It revealed that casino sales were down 39 per cent month-on-month, from KRW29.80bn to KRW18.19bn (US$15.2m). The figure was also down 33.5 per cent when compared to 2020 (KRW27.36bn).

In the first month of this year, table game sales were KRW16.22bn, down 41.8 per cent month-on-month and 36.5 per cent year-on-year. Machine game sales increased by 2.1 per cent month-on-month and 9.3 per cent year-on-year to nearly KRW1.97bn.

Table drop (the amount customers pay to buy chips at the table) in January 2022 fell 22.8 per cent from December 2021 and 2.8 per cent from January 2021 to KRW123.36bn.

The company has recently revealed that casino revenue was down 25.7 per cent in 2021 when compared to the previous year, falling from KRW335.97bn to KRW249.76bn (US$208.8m).

Table revenue was KRW226.89bn, down 27.1 per cent when compared to the year before. Revenue from machine games in 2021 was KRW22.87bn, a decrease of 8.1 per cent.

Casinos in South Korea have been allowed to delay the payment of some Tourism Promotion and Development Fund fees until June 2022 due to the difficulties the industry continues to face due to the Covid-19 pandemic.