Leading South Korean foreigner-only casino operator Paradise Co has reported a loss of KRW16.3 billion (US$14.6 million) for the three months to 30 September 2020, improved over a loss of KRW31.88 billion (US$28.5 million) in the previous quarter but well down on profit KRW34.21 billion (US$30.6 million) in the third quarter of 2019.
The improved result comes after Paradise Co’s 2Q20 results were adversely impacted by casino closures due to COVID-19. All four properties – Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand – closed in late March with Jeju Grand reopening on 13 April and the remaining three on 20 April.
Paradise City, the company’s integrated resort project in Incheon, was also closed for a week in early September after some staff members tested positive.
Despite that second closure, casino sales in 3Q20 grew 21.3% sequentially to KRW90.55 billion (US$81.1 million), representing a 67.0% decline over the same quarter last year. Accumulated sales through the first nine months of 2020 are down 50.7% to KRW349.86 billion (US$313.2 million).
Paradise recently reported slightly improved results for the month of October, with casino sales down 72.2% year-on-year to KRW22.36 billion (US$20.0 million) but up 9.0% compared with September.