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.
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.
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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