South Korean foreigner-only casino operator Paradise Co reported casino revenue of KRW50.8 billion (US$37.3 million) in August, representing an 89.3% increase over July.
The August figure was 15.0% lower than August 2021 revenue of KRW59.7 billion (US$43.8 million) but only on reduced win rate, with table drop of KRW331.6 billion (US$243 million) representing an 80.5% year-on-year improvement. It was also 40.7% higher than July 2022.
Having endured more than two years of suppressed revenues due to the global COVID-19 pandemic, August represented the second straight month of significant growth – aided by the easing of border restrictions.
South Korea removed its mandatory hotel quarantine requirement for unvaccinated international visitors from 8 June, having already resumed the issuance of tourist visas for the first time in more than two years from 1 June.
After a slow start to the year, Paradise’s casino revenue through the first eight months of 2022 is now effectively flat with the same period last year at KRW178.6 billion (US$131 million).
Paradise operates Paradise Walkerhill in Seoul, Jeju Grand, Busan Casino Paradise and Paradise City in Incheon.
