Paradise Co revenue down 6.1% in May

Paradise Co has shared its financial results for May, reporting that casino revenue fell 6.1 per cent to KRW13.88bn (US$12.5m).

South Korea.- The casino operator Paradise Co has reported revenue for May was down 6.1 per cent month-on-month from KRW14.82bn (US$13.2m) to KRW13.88bn (US$12.5m). Revenue was down 53.4 per cent year-on-year.

The company, which operates four casinos: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan and Paradise City in Incheon, continues to suffer the impact of the Covid-19 pandemic.

Compared to April, table revenue was down 7.9 per cent to nearly KRW11.97bn and down 56.1 per cent from a year earlier.

Machine game revenue reached almost KRW1.9bn, up 7.3 per cent from the previous month but down 23.1 per cent year-on-year.

For the first five months of the year, Paradise Co’s revenue stands at nearly KRW96.73bn, down 49.6 per cent when compared to the first five months of 2020, which saw revenue of KRW191.97bn.

Paradise Co table revenue was down 51.5 per cent in the first five months of the year, while machine game revenue was down 22.4 per cent.

In April, the casino operator reported a 34.4 per cent decrease in revenue from KRW22.60bn (US$20m) in March to KRW14.82bn (US$13.2m) in April.

As for the first quarter of the year, Paradise Co revealed a loss of KRW18.2bn (US$16.2m), compared to a net loss of KRW67.5bn during the last three months of 2019.

Paradise Co 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.

Paradise City, Paradise Co’s casino in Incheon, reported casino sales of KRW30.2bn for the first quarter, down 60.2 per cent when compared to the previous year but up 51.4 per cent sequentially.