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.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Macau Chief Executive Ho Iat Seng said Sunday that the Covid-19 pandemic has further delayed legislative works for revising the local gaming law and extending the current gaming concessions was just one of many options being considered.
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.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.