Paradise Co revenue up 16.1% in June

Paradise Co has shared its financial results for June, reporting a 6.1 per cent rise in casino revenue from the previous month.

South Korea.- The casino operator Paradise Co has reported that revenue for June was up 6.1 per cent month-on-month from KRW13.88bn (US$12.5m) to KRW16.05bn (US$14.2m). Revenue was also up 6.1 per cent year-on-year.

In June table revenue was up 16.6 per cent month-on-month and 14.6 per cent year-on-year to nearly KRW13.90bn. Machine game revenue reached almost KRW2.15bn, up 12.6 per cent from May and 26.8 per cent year-on-year.

Aggregate casino revenue during the first half of the year stands at KRW112.72bn, down 45.2 per cent from KRW205.80bn when compared to 2020. Table revenue is down 47.3 per cent and machine game revenue 16.5 per cent.

The amount of cash exchanged for chips by customers at the table in June rose 43.1 per cent month-on-month. In May, revenue fell 6.1 per cent down when compared to April, mainly due to the impact of the Covid-19 pandemic.

During 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 to resume non-gaming attractions

Paradise City, the Paradise Co venue in Incheon, expects to resume non-gaming attractions this month after a year of closure. It will reopen its spa and the indoor theme park, Wonderbox.

The company said: “We will do our best to ensure safety and quarantine so that you can enjoy fun in Paradise City in the coming summer with confidence. The re-opening of Wonderbox will be a signal to target domestic travel demand in earnest.”

The casino operator has been struggling with a lack of tourists and a drop in visits to casino venues due to the Covid-19 pandemic.