South Korean foreigner-only casino operator Paradise Co showed signs of improvement in March, with casino revenue up 20.2% year-on-year and 24.6% on February to KRW22.55 billion (US$20 million).
However, the numbers remain notably low compared with pre-COVID-19 levels. Paradise had recorded casino revenue of KRW979.43 billion (US$868 million) in 2019 at an average of KRW81.6 billion (US$72 million) per month – almost four times higher than during March 2021.
Paradise operates four casinos nationwide – Paradise Walkerhill, Busan Casino, Jeju Grand and integrated resort Paradise City in Incheon. Paradise City is a joint venture with Japan’s Sega Sammy Holdings in which Paradise holds 55% and Sega Sammy 45%.
Revenue for the first three months of 2021 combined was down 55.9% year-on-year to KRW68.02 billion (US$60 million).
Table drop through the first three months of the year was also down 67.6% to KRW377.35 billion (US$334 million), although March drop of KRW135.06 billion (US$120 million) was 4.8% higher than March 2020 and 13.4% better than February 2021.
The slow start to 2021 comes after Paradise Co recently reported a loss of KRW109.85 billion (US$98 million) in 2020.