Korea's Paradise Co sees casino revenues plummet 86.1% in April - IAG
Thursday 7th May 2020
Korea's leading foreigner-only Casino operator, Paradise Co, reported an 86.1% fall in casino revenues in April to KRW7.93 billion (US$6.5 million), having shuttered its four casinos for a large chunk of the month due to COVID-19.
Paradise closed Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand on 23 March, later reopening Jeju Grand on 13 April and the remaining three on 20 April - the first of Korea's casinos to restart operations.
The impact, naturally, was significant with table game revenue for the month down 87.1% year-on-year to KRW6.91 billion and machine revenue down 71.7% to KRW1.02 billion. Table drop was down 90.4% to KRW56.80 billion (US$46.4 million).
April's casino revenue results, which were also down 57.8% on March, mean that total casino revenue for the first four months of 2020 has fallen 25.8% year-on-year to KRW162.24 billion (US$132.6 million).
Paradise Co's main rival in South Korea's foreigner-only casino market, GKL, announced on Wednesday it has also reopened its properties.