South Korea’s Paradise Co. has reported a sharp decline in its March casino revenues by 60.5 percent on a year-on-year basis.
Sales in the casino division amounted to KRW19.73 billion (about US$16 million).
Both table and machine performance were down over 60 percent during the month.
Paradise Co. had started the year strong in spite of the coronavirus crisis, recording a casino revenue rise of 16.2 percent year-on-year in February, reaching KRW64.3 billion (US$54.2 million), driven by table games revenues.
In late March, however, Paradise Co. revealed that it would suspend its four foreigner-only casinos in Seoul, Incheon, Jeju, and Busan for two weeks as a measure to help prevent the spread of Covid-19 infection.
Santosh Tamu, an employee of Tiger Palace Resort in Nepal, has filed a complaint against the resort at Nepal Rastra Bank (NRB). According to Tamu, the resort has diverted the loan taken from Prime Commercial Bank to a casino.
The amount of money spent on pokies in New Zealand hit a record $252 million in the three months to December, the highest since records began in 2007. The figures relate to spending outside of casinos.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.