Lacklustre November financials for Paradise Company Limited

Home » Lacklustre November financials for Paradise Company Limited

In South Korea and local casino operator Paradise Company Limited has reportedly announced that its aggregated November gaming revenues fell by 53.6% month-on-month to sit just shy of $8.4 million as it continued to suffer through the consequences of the ongoing coronavirus pandemic.

According to a report from Inside Asian Gaming, the result for the Seoul-listed firm came after an October in which its receipts rode a wave of temporary good luck to swell by some 125% month-on-month to top $18 million. However, the source detailed that the most return was more in line with revenue figures the operator chalked up throughout much of the last two years including the about $8 million it recorded for September.

Static situation:

Paradise Company Limited is responsible for the giant Paradise City integrated casino resort near the port city of Incheon as well as smaller hotel-based operations in the communities of Jeju, Busan and Seoul. All of these foreigner-only operations have purportedly experienced a significant decrease in customer footfall following the appearance of the coronavirus pandemic while the company’s November gaming revenues were a mere 1.2% higher than the around $8.2 million recorded for the same 30-day month in 2020.

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Passive picture:

Drilling down into the numbers and Inside Asian Gaming reported that Paradise Company Limited’s combined table drop for November of nearly $117 million was an improvement of 27.2% month-on-month. Nevertheless, this figure moreover purportedly equated to a slight year-on-year decline to highlight a more subdued win rate.

Terrible trend:

For the first eleven months of 2021 and Paradise Company Limited reportedly had aggregated gaming revenues of roughly $186.2 million, which represents a slump of 25% year-on-year. All of this could well see the Seoul-headquartered company finish the year with aggregated annual gaming revenues in the region of just $195 million and potentially further exacerbate a deficit that last year surpassed $98 million.

Pandemic problems:

Inside Asian Gaming reported that the lacklustre November financials from Paradise Company Limited came as South Korea is facing off against a new surge in coronavirus infections. The nation of approximately 51.7 million people recorded all-time high daily figures over the weekend, which led to the re-implementation of a range of precautionary measures including mandatory ten-day quarantine periods for all international travellers alongside a reduction from ten to six in the number of people that are permitted to attend private gatherings.

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Although it has not been impacted to the same extent as Asian nations such as Japan, Vietnam and the Philippines, South Korea has nonetheless recorded 3,893 deaths as a direct result of the coronavirus pandemic and seen its daily infection rate rise by over 226% since October 20 to now stand at 5,127.

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