Paradise Co has reported that gaming revenue declined 53.6 per cent month-on-month from KRW21.35bn (US$18.1m) to KRW9.90bn (US$8.4m).
South Korea.- The South Korean casino operator Paradise Co has reported that revenue for November was down 53.6 per cent month-on-month but up 1.2 per cent when compared to last year. Table revenue was KRW8.05bn, down 59 per cent when compared to October but up 0.8 per cent year-on-year.
Revenue from machine games in November was KRW1.86bn, an increase of 9.3 per cent when compared to the previous month and up 3.2 per cent when compared to last year. Paradise Co’s total casino revenue for the first 11 months of 2021 was KRW219.87bn, a decrease of 25.0 per cent from the same period in 2020.
From January to November, the cash amount exchanged for chips by table customers was KRW1.55tn, a decrease of 28.8 per cent from the same period last year. In October, Paradise Co revenue was up 125.1 per cent month-on-month from KRW9.55bn (US$8.04m) to KRW21.35bn (US$18.1m).
South Korean casinos get a grace period on payment of tourism fees
As previously reported by Focus Gaming News, 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.
The news is a relief for South Korean casinos that have faced a lack of tourists through most of 2020 and 2021.
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.
Travel fund fees are usually paid by the casino operator in June and September of any given trading year in two instalments. The grace period applies to fees that should have been paid in June and September of this year.