Coronavirus consequences for Paradise Company Limited

South Korean casino operator Paradise Company Limited has reportedly announced that its aggregated gaming revenues for August plummeted by 75% year-on-year to just over $14.55 million owing to a slump in visitation caused by the ongoing coronavirus pandemic.

According to a Monday report from Inside Asian Gaming, the Seoul-listed firm revealed that the monthly figure represented a slight decline from July’s final tally of around $14.59 million and encompassed relatively flat month-on-month gaming table revenues of approximately $12.95 million.

Ongoing recession:

Inside Asian Gaming reported that Paradise Company Limited is responsible for the giant Paradise City integrated casino resort near the port city of Incheon and reportedly also detailed that its August slot takings dropped by some 3.3% year-on-year to about $1.59 million. The source detailed that all of this took the operator’s eight-month aggregated gaming revenues tally to $202.23 million, which represents a year-on-year fall of 51.4%, as its venues struggled to attract foreign visitors in the face of the coronavirus pandemic.

Enduring dilemma:

Paradise Company also runs hotel-based casinos in the cities of Seoul, Jeju and Busan but was forced to temporarily shutter all of its properties from March 23 as the potentially-deadly coronavirus strain hit South Korea. Every one of its foreigner-only venues were eventually partially re-opened in April although Inside Asian Gaming used a second report to explain that the 711-room Paradise City development was provisionally closed for a second time last Tuesday after six of its employees tested positive for the highly-contagious ailment.

Deep clean:

This subsequent closure is set to run through to the end of tomorrow with Paradise Company Limited later proclaiming that it would be using the pause to ‘thorough disinfect’ the entirety of the massive development ‘in close consultation with quarantine authorities.’ The operate later purportedly clarified that any consequent re-opening of the flagship property would encompass only non-gaming areas with the facility’s casino likely due to remain off limits ‘indefinitely’ as a precautionary anti-coronavirus measure.