Paradise Company Limited bemoans coronavirus-linked slump

South Korean casino operator Paradise Company Limited has reportedly released its financial results for June showing that it had experienced a decrease of 80.8% year-on-year in aggregated gross gaming revenues to approximately $11.52 million.

According to a report from GGRAsia, the Seoul-listed firm used an official Thursday filing to detail that the figure for the 30-day month had also represented a decline of 53.6% when compared with the $24.45 million recorded for May to put the accumulated six-month tally some 41.4% lower at just $171.71 million.

Ongoing implications:

Paradise Company Limited runs the giant Paradise City integrated casino resort near the city of Incheon but was purportedly forced to shutter this 711-room facility with its foreigner-only gaming floor for a four-week period from March 23 as part of the nationwide effort to curtail the coronavirus pandemic. GGRAsia reported that the operator was subsequently obliged to indefinitely close some of this venue’s non-gaming facilities for a second time from Wednesday after the country chalked up 54 new cases of the highly-infectious ailment to take its cumulative total to almost 13,000.

Half-year disappointment:

Also responsible for hotel-based casinos in the cities of Seoul, Jeju and Busan, Paradise Company Limited reportedly also explained that its June revenues from gaming tables had plummeted by 82.2% year-on-year to around $10.11 million with the figure for its slots having dipped by 56.2% to just over $1.42 million. This purportedly put the six-month figure for the former some 41.7% lower at about $159.97 million with the latter’s reckoning of $11.74 million representing a corresponding diminution of 37.7%.

Continuing concern:

The Korea Centers for Disease Control and Prevention in reporting that South Korea has so far recorded 12,904 cases of coronavirus for 282 deaths while Paradise Company Limited is said to have proclaimed that the recent Paradise City closures would allow it to ‘participate’ in the government’s ‘quarantine program’ in order to help ‘reduce and prevent’ instances of the potentially-deadly illness.