Paradise Slashes Casino Earnings In February

Paradise, which operates foreign-only casinos in South Korea, said in a filing on Wednesday that casino sales fell 36.5% in February from a month earlier. On a year-on-year basis, the report showed a 72.9% drop.

The group's February casino sales were just under 17.38 billion won ($15.4 million), down from 27.37 billion won achieved in January this year, and down from 64.11 billion won achieved in February 2020.

Paradise's gaming operations are at Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City (file photo), near the main international airport serving Incheon's capital city of Seoul.

Korea's foreign-only casino operations continue to face headwinds due to COVID-19 response measures across the country. Measures include so-called social distancing protocols and restrictions on international travel.

Paradise said last week it had a net loss of 59.21 billion won in the fourth quarter, up 263.3% from 16.33 billion won in the previous quarter. It had a net loss of nearly 9.52 billion won in the fourth quarter of 2019.

Paradise's table game sales fell 40.1% sequentially to nearly W15.32 billion in February. It was down 74.6% year-over-year, compared with just over W62.26 billion in February 2020.

Machine game sales fell 14.7% month-on-month to more than 2.06 billion won last month. Compared to the same month last year, sales fell 46.3% in February.

Paradise's cumulative casino revenue in the first two months of 2021 was 44.75 billion won, down 67.0% year-over-year, according to the latest monthly data.

Accumulated table sales in January-February were nearly 40.89 billion won, down 68.0% year-on-year, and overall machine game sales in the first two months of this year were just over 3.86 billion won, down 50.1% year-on-year.

BY: 릴게임사이트