The foreigner-only Paradise Co casino sales decreased by 6.1 percent month-over-month to KRW14 billion in May. The company blamed the pandemic for its slow business. Also, the amount was 53.4 percent lower than in May 2020.
Paradise Co operates Jeju Grand, Walkerhil, Paradise City, and Busan Casino. The company’s revenue in the first five months of 2021 was down 49.6 percent year-over-year to KRW96 billion. Also, table revenue dropped 51.7 percent to KRW679 billion.
According to online casinos experts, the company’s May table declined by 27.1 percent to KRW1w36 billion compared to that in May 2020. Also, it fell 17.8 percent compared to the previous month.
Paradise Co Casino Sales Dropped
Paradise reported losing KRW 18.20 billion in the first quarter of 2021. Also, the company suffered the fiscal year 2020 loss of KRW110 billion. Korean casinos are having a hard time coping with the pandemic. Also, many gamblers opted to play on online casinos in South Korea.
The South Korean casino company lost KRW59 billion in the fourth quarter of 2020. During the last quarter of 2020, the country suffered from the third wave of coronavirus. Thus, the government implemented stricter restrictions that limited capacity at Paradise casinos. Also, its Paradise Walkerhill had to shut down temporarily for three weeks in December.
Its fourth-quarter loss was higher than the previous quarter. However, its casino sales were 15.5 percent higher at KRW104 billion. On the other hand, it was down by 61.2 percent compared to its fourth-quarter casino sales in 2019.
Its profits dropped to KRW86 billion due to an increase in expenses from the casinos’ ongoing operations. However, the casino company didn’t provide any reasons for its decline in income for the fourth quarter.
Paradise Co had its shares of trouble during the pandemic. It had to close its casino resort in Incheon after some staff members contracted the virus. Thus, people learned blackjack for beginners in the comfort of their homes.