South Korean foreigner-only casino operator Paradise Co continues to face headwinds with February 2021 casino sales falling 36.5% compared with January to KRW17.38 billion (US$15.5 million).
The sequential decline follows a previous fall of 36.2% between December and January as South Korea’s casinos struggle against the absence of international visitation due to the COVID-19 pandemic.
February’s figure represents a 72.9% decline on February 2020, when Paradise recorded casino sales of KRW64.10 billion (US$57.1 million). Sales for the first two months of 2021 combined are down 67.0% year-on-year to KRW44.75 billion (US$39.9 million).
Table drop in January and February is also down 74.6% year-on-year to KRW242.29 billion (US$215.9 million), although February drop was down only 6.2% versus January to KRW119.06 billion (US$106.1 million).
Paradise Co operates four casinos nationwide: Paradise Walkerhill, Busan Casino, Jeju Grand and integrated resort Paradise City in Incheon.
The company recently reported a loss of KRW109.85 billion (US$98.4 million) in 2020.