South Korean casino firms seeing light at the end of their coronavirus tunnels

Home » South Korean casino firms seeing light at the end of their coronavirus tunnels

In South Korea and local casino operator Paradise Company Limited has reportedly announced that its aggregated gross gaming revenues for March decreased by 11.8% year-on-year to approximately $15.58 million.

According to a report from Inside Asian Gaming, the result for the Seoul-listed firm nevertheless represents a boost of 11.8% when compared with the roughly $13.93 million chalked up for February as its home nation’s casino industry continued to struggle with a range of coronavirus-related capacity and public health restrictions.

Slot sensation:

Paradise Company Limited reportedly used an official filing to note that its gaming table revenues for March rose by 10.4% month-on-month to top $13.84 million while its associated slot receipts came in at about $1.73 million, which equated to an even more impressive sequential swell of 24.8%. The company behind the giant Paradise City integrated casino resort near the port city of Incheon also purportedly noted that last month’s table drop had grown by 23.7% when compared with February to a little beyond $106.84 million.

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Longer lag:

Moreover responsible for smaller hotel-based gambling operations in the communities of Jeju, Busan and Seoul, Paradise Company Limited reportedly disclosed that the March figures took its aggregated gross gaming revenues for the first three months of 2022 down by 20.4% year-on-year to something like $44.39 million as its associated table drop crashed by 4.8% to around $294.27 million. The source explained that the company will nevertheless now be looking for its numbers to improve over the next couple of months following a government decision to lift a mandatory seven-day quarantine requirement for vaccinated international tourists.

Rival recovery:

In related news and GGRAsia used a Wednesday report to divulge that challenging South Korean casino operator Grand Korea Leisure Company Limited saw its own aggregated gross gaming revenues for March progress by a staggering 334.3% month-on-month to slightly over $24.36 million. This company is a subsidiary of the Korea Tourism Organization and purportedly moreover purportedly noted that its performance for last month equated to a year-on-year rise of almost 400%.

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Comprehensive comeback:

Established in 2004, Grand Korea Leisure Company Limited is reportedly responsible for a trio of Seven Luck-branded casinos located inside South Korea’s Intercontinental Seoul Coex, Lotte Hotel Busan and Millennium Hilton Seoul facilities. The operator purportedly saw its gaming table revenues improve by 408.5% month-on-month and 460.7% year-on-year to nearly $22.89 million as allied slot receipts increased by 33.3% and 85.5% respectively to about $1.47 million.

Quarterly lift:

Finally, Grand Korea Leisure Company Limited reportedly asserted that the March aggregated gross gaming revenues figure took its tally for the first three months of 2022 up by 616.7% year-on-year to something like $46.29 million.

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