Korea's Paradise Co sees casino revenue plummet 60.5% in March - IAG
Thursday 2nd April 2020
South Korean casino operator Paradise Co has reported a 60.5% year-on-year decline in casino revenue to KRW19.73 billion (US$16 million) in March with the impact of COVID-19 starting to take hold.
Paradise announced on 24 March that it was closing down its four casinos - Paradise Walkerhill, Jeju Grand, Busan Casino and integrated resort Paradise City - for two weeks until 6 April in response to government measures aimed at slowing the spread of the virus.
With gaming volumes already depressed, the company saw its casino revenues fall from KRW49.94 billion (US$40.6 million) in the prior year period and 69.2% from the KRW64.10 billion (US$52.1 million) it reported in February 2020. Table games revenue declined 69.1% sequentially from KRW60.26 billion to KRW18.60 billion while machine revenue fell 70.6% from KRW3.84 billion to KRW1.13 billion.
Turnover was down 74.8% year-on-year, and by a similar amount sequentially, to KRW128.89 billion (US$104.8 million).
Having enjoyed a strong start to the year through January and February, when casino revenues grew 21.8% compared with the same period in 2019, Paradise's revenue is now down 3.8% to KRW155.23 billion for the first three months of 2020.