Paradise Co revenue up 25.8% month-on-month in May

Paradise Co has reported that revenue was up 25.8 per cent year-on-year to KRW17.09bn (US$13.6m).

South Korea.- Paradise Co has reported revenue of KRW17.09bn (US$13.6m) for May. That’s an increase of 25.8 per cent year-on-year but a fall of 0.8 per cent when compared to the previous month.

Table game sales were KRW14.93bn, up 0.1 per cent month-on-month and up 27.9 per cent when compared to 2021. Gaming machine revenue was down 6.8 per cent month-on-month but up 13.1 per cent year-on-year to KRW2.16bn.

The table drop fell 1.4 per cent month-on-month and 10.5 per cent year-on-year to KRW121.84bn. Aggregate table drop for the calendar year ended May 31 was down 11.0 per cent year-on-year to KRW604.57bn.

In the first five months of 2022, the group’s casino revenue fell 8.9 per cent year-on-year to KRW88.08bn.

Paradise Co has recently sold an office building in the Gangnam district of Seoul for KRW100.5bn (US$79m). According to Korea Biz, the casino operator sold the office to secure liquidity and improve its financial position due to the impact of the Covid-19 pandemic.

Due to the economic crisis, the company saw its workforce decline 5.3 per cent in the last two years. In 2021, Paradise Co casino revenue was down 25.7 per cent when compared to the previous year.

South Korea to allow entry of unvaccinated travellers

As previously reported by Focus Gaming News, the Korea Centers for Disease Control & Prevention has announced that from today, June 8, visitors will be able to enter South Korea without Covid-19 vaccination and without undergoing quarantine. The only requirement will be to present two negative Covid-19 tests taken within three days of arrival.

If one of the two tests carried out after arrival is South Korea is positive, a visitor will have to undergo a seven-day quarantine. All travellers, vaccinated or not, must still show a negative Covid-19 test before boarding a flight.