Korea’s leading foreigner-only casino operator, Paradise Co, saw some signs of recovery in July with casino revenue rising 26.3% compared with June to KRW17.36 billion (US$14.6 million).
While July’s numbers were down 76.4% year-on-year, they at least suggested some positive momentum as South Korea starts to emerge from its second wave of COVID-19 infections. Paradise had previously reported a 53.6% decline from May to June, when the company booked casino revenue of KRW13.82 billion (US$11.5 million).
JP Morgan analysts had attributed the company’s relatively strong May revenue to pent-up demand amongst local expats.
Paradise Co’s July casino sales were somewhat aided by luck, with table drop up by only 6.5% sequentially to KRW127.15 billion (US$107 million).
Through the first seven months of 2020, Paradise Co’s revenue is down 47.5% to KRW223.13 billion (US$187.7 million) due to the temporary closure of casino operations and global travel restrictions from COVID-19.
Paradise closed Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand on 23 March due to COVID-19, later reopening Jeju Grand on 13 April and the remaining three on 20 April. Paradise City, located in Incheon near Seoul, is a joint venture project with Japan’s Sega Sammy Holdings.
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