World Gaming Insight

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Paradise Co casino sales stabilize in August but down 75% year-on-year

South Korean foreigner-only casino operator Paradise Co reported casino sales of KRW17.30 billion (US$14.6 million) in August – down 75% year-on-year but flat compared with July.

With table game sales almost identical month-to-month at KRW15.41 billion (US$13.0 million) – slots fell 3.3% to KRW1.90 billion (US$1.6 million) – the numbers look likely to represent a temporary new normal for Paradise, which relies on inbound tourism for most of its business.

The company’s flagship integrated resort, Paradise City in Incheon, was closed for a second time on 1 September after a staff member tested positive for COVID-19 with the company announcing Friday that the casino would stay shut indefinitely following more positive tests last week.

Through the first eight months of 2020, Paradise Co’s revenue is down 51.4% to KRW240.44 billion (US$202.5 million) due to the original closure of casino operations in March and ongoing travel restrictions from COVID-19.

Paradise closed Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand on 23 March due to COVID-19, later reopening Jeju Grand on 13 April and the remaining three on 20 April. Paradise City, located in Incheon near Seoul, is a joint venture project with Japan’s Sega Sammy Holdings.

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