Paradise brushes aside Korean virus concerns as February casino sales continue upward trend - IAG
Tuesday 3rd March 2020
Korea's Paradise Co saw a 16.2% year-on-year increase in casino sales to KRW64.30 billion (US$53.9 million) in February, aided by strong hold.
The result looks somewhat stronger than those of its main rival in Korea's foreigner gaming market, with Grand Korea Leisure having reported a considerable fall in foot traffic and table drop in its February results earlier this week. By comparison, Paradise recorded near identical year-on-year table drop of KRW494 billion (US$414.3 million).
However, while Paradise didn't provide any figures on visitation, there are signs of creeping impact from coronavirus with the company's February sales down 9.9% on January. Table drop was also down 8.6% on January levels at KRW540.31 billion.
Nevertheless, casino sales for the first two months of 2020 combined are up 21.8% to KRW135.70 billion compared to the same period last year.
Paradise operates integrated resort Paradise City in Incheon as well as three other Korean casinos: Paradise Walkerhill, Jeju Grand and Busan Casino.