Paradise Co December revenue down 40%

The South Korean casino operator has revealed its financial results for the final month of 2020.

South Korea.- The operator of foreigner-only casinos in South Korea, Paradise Co Ltd, has revealed that December casino revenue reached KRW42.22bn (US$38.9m), representing a 40 per cent year on year decline.

Paradise Co’s latest monthly results took the group’s casino revenue for full-year 2020 to KRW335.29bn marking a 57.2 percent decrease on the KRW784.06bn generated in 2019.

The company operates the following venues: Walkerhill in the South Korean capital, Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City, in Incheon, near the main international airport serving the country’s capital Seoul.

Its Walkerhill gaming venue generated the highest casino sales at over KRW173.7 billion for the full year 2020.

It was forced to close on 15 December as part of the Covid-19 countermeasures mandated by the government. It reopened at 7am on Monday 4 January but under strict protocols that include requesting all incoming customers to show evidence of a negative test for Covid-19 which must come from either a recognised health agency or a hospital.

According to the filing, December’s table game revenue for Paradise Co was up 411.3 per cent sequentially to approximately KRW40.82bn although that still represented a 38.5 per cent decline when compared to December 2019.

The group’s table game revenue for full-year 2020 reached KRW310.41bn, down by 58 per cent year-on-year

Machine game revenue for December was down 22.3 per cent month-on-month at nearly KRW1.4bn but was down 57.3 per cent year-on-year.

The group’s machine game revenue for full-year 2020 was KRW24.88bn, down 44.4 per cent year-on-year.