Casino revenue down 56% in July for Koreas Paradise Co

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South Koreas leading foreigner-only casino operator, Paradise Co, has reported a 56.3% month-on-month decline in casino revenue to KRW6.95 billion (US$6.0 million) in July, impacted by yet another surge in COVID-19 cases nationwide.

Julys figure, also 60.0% lower than July 2020, comes as Koreas 7-day COVID average soared above 1,500 cases per day, including multiple new daily case records during the past two weeks.

Paradise Co has kept its four casinos Paradise Walkerhill in Seoul, Busan Casino, Jeju Grand and Paradise City in Incheon open throughout this latest wave but strict capacity restrictions have impacted business volumes.

As a result, the company said in a Monday filing that table game sales fell 63.4% versus June to KRW5.03 billion (US$4.4 million) while machine sales fell 10.9% to KRW1.91 billion (US$1.7 million).

Table drop of KRW143.64 billion (US$124.8 million) was 26.2% lower than June.

For the first seven months of 2021 combined, casino revenue is down 46.4% year-on-year to KRW119.51 billion (US$103.8 million) and table drop down 38.4% to KRW1.02 trillion (US$886 million).