Paradise Company Limited chalks up disappointing June results

In South Korea and local casino operator Paradise Company Limited has reportedly announced that its aggregated gross gaming revenues for June dropped by 16.5% year-on-year to approximately $10.15 million.

According to a report from Inside Asian Gaming, the figure for this 30-day period equated to a month-on-month decline of 21.8% and came despite the nation’s earlier move to ease a range of coronavirus-related border restrictions. The source also detailed that the Seoul-listed firm’s gaming table revenues for June fell by 27.8% sequentially to almost $8.17 million although its associated slot receipts grew by 19.4% to hit nearly $1.97 million.

Pandemic plunge:

Paradise Company Limited is reportedly responsible for the giant Paradise City integrated casino resort near the port city of Incheon as well as smaller hotel-based enterprises 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 epidemic even though they saw their combined table drop for June swell by 11% month-on-month to roughly $103 million.

Semi-annual slide:

For the first six months of 2022 and Paradise Company Limited has now reportedly booked a diminution of 10.1% year-on-year in its aggregated gross gaming revenues to around $77 million. This purportedly encompassed a 12.3% reduction in the operator’s associated gaming table receipts to a little beyond $67.38 million while its slot returns rose by 9.2% to about $9.76 million.

High hopes:

Inside Asian Gaming reported that South Korea’s collection of foreigner-only casinos had been trusting that the removal from June 8 of mandatory hotel quarantine requirements for all unvaccinated international visitors would lead to large increases in gross gaming revenues. This optimism was purportedly furthermore raised by the government’s recent lifting of some restrictions at Incheon International Airport so as to ensure flights can operate more efficiently as well as its move to resume the issuance of tourist visas following an over two-year pause.

Prior progress:

The most recent financial results for Paradise Company Limited reportedly came after a May in which the operator’s aggregated gross gaming revenues improved by almost 26% year-on-year to roughly $13.03 million. Nevertheless, this figure was a decline of 0.8% month-on-month as gaming table receipts grew 0.1% sequentially to about $11.39 million while slot takings plummeted by 6.8% to approximately $1.64 million.

Steady sag:

All of this reportedly pushed the company’s aggregated gross gaming revenues for the initial five months of 2022 down by 8.9% year-on-year to nearly $67.23 million as table drop for May degenerated by 1.4% month-on-month and 10.5% year-on-year to $93 million. This purportedly resulted in the figure for the twelve months to the end of May plummeting some 11% year-on-year to a little beyond $461.53 million.