Casino revenue down 45% in 1H21 for South Koreas Paradise Co

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South Korean casino operator Paradise Co saw its casino revenue plummet by 45.2% for the first six months of 2021 to KRW112.72 billion (US$99.7 million), impacted by the nations border closures due to the COVID-19 pandemic.

The decline included a 47.3% fall in table game revenue to KRW100.96 billion (US$89.3 million) and a 16.5% fall in machine revenue to KRW11.76 billion (US$10.4 million).

For the month of June, casino revenue was KRW 16.05 billion (US$14.2 million) 16.1% higher than both June 2020 and May 2021 when casino revenue reached KRW13.83 billion (US$12.2 million).

Despite the June improvement, the result continues Paradise Cos run of subdued results since the start of the COVID-19 pandemic, with the company having reported a loss of KRW109.85 billion (US$98.4 million) in 2020 and a loss of KRW18.20 (US$16.1 million) in 1Q21.

It is hoped that those results might start to see some incremental improvement in the coming months with South Korea having launched a travel bubble with the Commonwealth of the Northern Mariana Islands from 1 July and discussions ongoing about a similar bubble with Singapore.

Paradise operates four casinos nationwide Paradise Walkerhill, Busan Casino, Jeju Grand and integrated resort Paradise City in Incheon. The company said recently that two Paradise City attractions European-inspired art spa CIMER and indoor theme park Wonderbox will reopen on 16 July after undergoing remodelling during their pandemic-forced closure.

Despite the slow recovery, Junes results at least showed a more substantial rise in table drop which grew 63.2% year-on-year and 43.1% versus May 2021 to KRW194.77 billion (US$172.3 million). For the first six months of 2021, table drop is down 42.7% year-on-year to KRW873.85 billion (US$772.8 million).