Paradise Co suffers 80.8% revenue decline in June as local expat demand softens

Korea’s leading foreigner-only casino operator, Paradise Co, saw its casino revenue fall 80.8% year-on-year to KRW13.82 billion (US$11.5 million) in June as COVID-19 continues to impact traffic.

The June revenue figure also represents a 53.6% decline on May’s casino revenue of KRW29.78 billion (US$24.5 million), which had been boosted by pent-up demand amongst local expats following a four week closure of the company’s four casinos – Paradise City, Paradise Walkerhill, Busan Casino and Jeju Grand – from late March. May casino revenue was down 51.2% compared with May 2019 but was considerably higher than April 2020.

According to a Thursday filing, Paradise Co reported a 79.4% fall in table drop in June to KRW119.35 billion (US$99.5 million).

Casino revenue for the first six months of 2020 is down 41.4% to KRW205.86 billion (US$171.7 million).

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