Paradise January sales reverse improving trend, drop 36.2%

Wednesday 3rd of February 2021

Paradise Co. reported its casino sales in January declined 36.2 percent from the prior month, after seeing strong improvement in December.

The company, which operates four foreigner-only casinos in South Korea, said total sales in the month were KRW27.28 billion (US$24.5 million), down from KRW42.7 billion in December. The figure was down 61.8 percent from the same month in 2019.

Paradise said table game revenue was down 38.4 percent to KRW25.48 billion, while machine revenue declined 28.7 percent to KRW1.79 billion.

Like its peers in South Korea, the company has been hit by a tightening of restrictions due to renewed outbreaks of Covid-19 across the country.

Paradise briefly closed its Walker Hill property in mid-December as a result of the measures, but kept its Busan, Incheon and Jeju resorts open. Kangwon Land, which is the only casino allowed to permit locals, has extended its closure to February 14 and out of the country’s three operators is the one that has kept its doors closed for the longest. Grand Korea Leisure’s three properties will also remain closed until February 15.

Paradise doesn’t comment on trends in the monthly release of its figures, but in the past has said that expatriates living in South Korea have helped it eke out revenue even in the absence of foreign tourists.

The latest measures to control the virus would likely have more of an impact on non-gaming facilities, which can be frequented by locals. There is a ban in the greater Seoul area of gatherings of more than four people, while bars and restaurants are required to close at 9 pm.

Meetings at clubs and karaoke lounges are banned.

Prime Minister Chung Sye-Kung announced last weekend that these stricter measures would remain in place until mid-February due to concern over people getting together to celebrate the Lunar New Year holidays, which begin on February 12.