Paradise Co revenue down 56.3% in July

Paradise Co has shared its financial results for July, reporting that casino revenue fell 56.3 per cent to KRW6.95bn (US$6.04m).

South Korea.- The casino operator Paradise Co has reported that revenue for July was down 56.3 per cent month-on-month from KRW15.89bn to KRW6.95bn (US$6.04m). Revenue was also down 60 per cent year-on-year.

Table revenue was down 63.4 per cent when compared to the previous month, from KRW13.74bn to KRW5.03bn. The figure was also down 67.3 per cent year-on-year.

Machine game revenue reached almost KRW1.92bn, down 10.9 per cent from the previous month and down 2.2 per cent year-on-year from nearly KRW1.96bn in July 2020.

For the first seven months of the year, Paradise Co’s revenue stands at nearly KRW119.51bn, down 46.4 per cent when compared to the first seven months of 2020, which saw revenue of KRW223.16bn. Between January and July, table revenue was down 48.9 per cent from KRW207.12bn to KRW105.84bn.

Paradise Co operates four casinos: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan and Paradise City in Incheon. For the first quarter of the year, it reported a loss of KRW18.2bn (US$16.2m), compared to a net loss of KRW67.5bn during the last three months of 2019.

Sales fell 7.1 per cent quarter-on-quarter to KRW96.6bn while casino sales came in at KRW96.6bn, down 31.1 per cent sequentially and 51.6 per cent year-on-year.

In July, the company announced the reopening of Wonderbox, the indoor family theme park, at 50 per cent capacity. The Cimer spa facility also reopened at a restricted capacity of 8 square metres (86.1 sq. feet) per visitor.

Authorities have said Seoul will remain under “Level 4” social distancing rules until August 9. Casinos have a maximum daily capacity of no more than 30 per cent of their pre-pandemic norm and must close by 10pm.