Paradise Co gaming revenue down 25.7% in 2021

Paradise Co has reported that gaming revenue declined 25.7 per cent year-on-year to KRW249.76bn (US$208.8m) in 2021.

South Korea.- The South Korean casino operator Paradise Co has shared its financial results for the year 2021 and revealed that casino revenue was down 25.7 per cent 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.

Paradise Co’s total casino revenue for December was up 203.0 per cent month-on-month from KRW9.90bn (US$8.4m) to KRW29.92bn (US$25m).

Table revenue was up 249.3 per cent from KRW8.05bn to KRW28.0bn while machine game revenue was also up 3.3 per cent from KRW1.86bn to KRW1.92bn.

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. 

A representative at the Ministry of Culture, Sports and Tourism, the agency responsible for collecting the fees from casino operators, said the grace period had been approved for “two casino entities” but didn’t name them. 

It’s since emerged that the operators in question are Paradise Co Ltd and Grand Korea Leisure Co Ltd.