Paradise Co. revenue slumps again

The casino operator has published its financial report for November.

South Korea.- Casino operator Paradise Co has reported that revenue for November was down by 56.4 per cent month-on-month. Measured year-on-year, revenue was down by 85.4 per cent.

Revenue was just under KRW9.75bn (US$8.9m) in November, down from KRW22.35bn in October and KRW66.71bn in November 2019.

November’s table game revenue was down 61.1 per cent sequentially, at nearly KRW7.95bn. That’s a drop of 87.3 per cent year-on-year, from just above KRW62.77bn in November 2019.

Machine game revenue for last month was down 7.8 per cent month-on-month and 54.2 per cent year-on-year at nearly KRW1.80bn.

The latest monthly data took Paradise Co’s accumulated casino revenue for the year up to November 30 to just above KRW293.03bn, down 59.0 per cent from 2019.

Accumulated table revenue for January to November inclusive was KRW269.55bn, down 59.9 per cent year-on-year, while aggregate machine game revenue was KRW23.49bn, a decline of 43.4 per cent.

Paradise Co operates four casinos in South Korea: Walkerhill in Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City in Incheon.

Due to the tightening of Covid-19 measures in South Korea, some foreigner-only casino operators such as Grand Korea Leisure Co Ltd have temporarily closed their venues.