The Seoul-listed company is responsible for the giant Paradise City integrated casino resort near the city of Incheon, but has had to close the 711 room facilities with foreign-only gaming floors for four weeks as part of a nationwide effort to reduce the coronavirus pandemic.
Also, Paradise Company Limited reported that it temporarily closed hotel-based casinos operated in cities in Seoul, Jeju and Busan due to fears of the coronavirus. The closure severely hurt the company’s gaming revenue and lowered its calculation for the month to about $6.51 million, the sources reported.
Renowned securities firm JP Morgan Securities (Asia-Pacific) reportedly used documents to describe Paradise Company Limited’s tally as ‘pretty decent’, as the ongoing near-complete closure of its borders has left its gaming business entirely dependent on foreigners living in South Korea.
“In short, demand from local foreigners appears to have immediately fully recovered to pre-pandemic levels, suggesting that restrained demand is very realistic. I hope this will be replicated in other gaming jurisdictions when their business resumes.”
It’s also blueEase reported a 52.4% year-over-year decline in game table sales in May to just over $22.42 million, with the related decline down 68.7% to about $150.52 million. The operator fell 32.4% to about $1.98 million in its monthly slot on the 31st, while total casino revenue since the beginning of the year is now down 31.3% to about $157.74 million.