Disappointing November for Paradise Company Limited

South Korean casino operator Paradise Company Limited has announced that its net gaming revenues for November declined by 84.5% year-on-year to just under $8.9 million as a direct result of the ongoing coronavirus pandemic.

According to a report from GGRAsia, the Seoul-listed firm revealed that the figure represented a 56.4% drop when compared to October’s finishing tally of about $20.4 million and came less than a month after it detailed that its aggregated third-quarter net gaming revenues had fallen by 67% year-on-year to roughly $81.2 million.

Pandemic problems:

Paradise Company Limited is responsible for the 711-room Paradise City integrated casino resort near the port city of Incheon as well as smaller hotel-based operations in Seoul, Busan and Jeju. The source explained that some of these South Korean properties were recently hit by temporary closure orders while all continue to be subject to a revised set of local anti-coronavirus measures that include increased social distancing and public health protocols.

Comprehensive consternation:

Regarding its net table games revenues for November and Paradise Company Limited reportedly pronounced that it had experienced a diminution of 87.3% year-on-year to just $7.2 million, which was furthermore some 61.1% lower than the preceding month’s tally of about $11.9 million. The firm also purportedly stated that its combined receipts from slots for the 30-day period had slipped by 54.2% on an annual basis to slightly above $1.6 million.

Troublesome trend:

Paradise Company Limited reportedly pronounced that all of this means that its net gaming revenues for the first eleven months of 2020 now stand at just beyond $268.5 million, which equates to a slump of 59% year-on-year. It moreover purportedly added that this same period had seen its aggregated receipts from table games crash by 59.9% to approximately $247 million with the associated $21.5 million it racked up from slots equating to a dip of 43.4%.

Latest posts