Korea’s leading foreigner-only Casino operator, Paradise Co, reported sales of KRW184.67 billion (US$150.5 million) for the first quarter of 2020, down 8.5% year-on-year and 31.5% sequentially.
The results were only slightly impacted by the closure of the company’s casinos due to COVID-19, which didn’t take place until 23 March, although were no doubt depressed before the closures due to international travel restrictions.
Paradise had previously reported a 60.5% decline in sales in March. It has since revealed a further 86.1% fall in April to KRW7.93 billion (US$6.5 million) – a trend that will almost certainly continue in the short term despite having reopened Jeju Grand on 13 April and its remaining three casinos – Paradise City, Paradise Walkerhill, Busan Casino – on 20 April.
Nevertheless, net loss attributable to shareholders of the parent company actually narrowed in the quarter from KRW7.53 billion in 1Q19 to KRW2.46 billion (US$2 million). It also showed a 74.1% improvement from a loss of KRW9.52 billion in 4Q19.