Paradise September sales improve

Paradise Co. Aug. sales flat month-on-month

Paradise Co., which operates foreigner-only casinos in South Korea, saw an improvement in sales in September from the prior month, even though they were down 71 percent from the prior year.

The company recorded KRW20.6 billion (US$17.7 million) in September casino revenue, up 19.2 percent from the prior month. Table games revenue was up 22.2 percent at KRW18.8 billion, while machine revenue fell 5.1 percent to KRW1.7 billion from August.

For the first nine months of this year, casino revenue fell 54 percent to KRW261 billion. Table revenue was down 54.8 percent and machine revenue dropped 41.2 percent. 

The figures are derived from its Walker-hill, Jeju Grand, Incheon Paradise City and Busan casinos, which in total make up about 80 percent of the group’s consolidated sales. Paradise gives no commentary with its monthly sales figures.

September table drop was KRW135.8 billion, up 10.2 percent from August and down 73.3 percent from the same month a year ago. 

Paradise was forced to close its casinos on March 23. The Jeju property was the first to reopen in April, with the other three a few weeks later. However, its Paradise City IR was forced to close down again at the beginning of September after an employee tested positive for Covid-19. It reopened a week later.

South Korea’s Kangwon Land, the only resort where locals are allowed to gamble, remains shut.