It has been reported today that Paradise Co, situated in South Korea, has experienced a year on year decline in casino sales following annual reporting and analysis for the past year.
The casino operator, which operates the country’s leading casino for foreigners, suffered a decline of more than 25 percent compared with the previous year.
According to reports, this equated to a figure of around $208 million decline for the past twelve months.
This news follows a difficult few months last year, in part caused by the disruption due to the Coronavirus pandemic, whereby the operator faced a month on month decline in revenue.
However, the company finished the year strong with improvements in visitor numbers and casino sales in December, but was outweighed by the previous eleven months of the year.
South Korea was on of the fastest country’s in the world to respond to the Covid-19 crisis in implementing restrictions to stop the spread of the virus.
Incidently this has lead to a major impact on the hospitality and gaming industries in the nation, including multiple casino properties owned and operated by Paradise Co, including Paradise City, Paradise Walkerhill, Busan Casino Paradise and Jeju Grand.
Looking deeper in to the figures, the operator’s biggest shortfall on the previous year was in casino table game sales, which were down some 27 percent.
Whereas machine sales only declined just over 8 percent when compared with the same period in the previous year. This decline is estimated to be worth around $189 million and $19 million respectively.