The Coronavirus pandemic has hit the gambling industry from around the world in a bad way. As casinos are beginning to report their earning for 2020, the news is not good from casino operators. Thus, the latest Korean Casino to show the damage is Paradise Co Ltd. According to the latest online casino news, the 2020 Paradise Casino Revenues are Down 57.2% over the previous year.
Of course, they are not the only casino operators in South Korea to feel the devastation of the Covid-19 pandemic. For example, the Grand Korea Leisure (GKL) made an announcement that it will close its casinos until January 18. Therefore, foreigners looking to play casino games in Korea will not be able to do so in their casinos. In addition, the GKL expects to lose $19.8 million in casino sales for the month of January.
2020 Paradise Casino Revenues are Down and its Implications for the Future
For Paradise Casino, these latest numbers mean having to make tough decisions about reopening their casino in Seoul. This is because while other casinos are closing, the chose instead to reopen despite the pandemic showing little improvements.
This comes after Paradise Casino said their December 2020 casino revenue were only $38.9 million. According to Online Casino Reviews, this is a 40% decrease over December 2019. However, these numbers are actually quadruple the revenue they had back in November of 2020. Thus, the revenue from December made the 2020 overall revenue only $308.5 million which is 57.2% lower than 2019.
In addition, the casino table games were down 58% while the EGM revenue was down 44.4%. Paradise Casino Ltd operates four foreigner-only casinos in South Korea which includes the Paradise City Integrated Resort in Incheon. In addition, they also own and operate casinos in Busan, Jeju Island and the Paradise Walkerhill in Seoul.
Their decision to open Paradise Walkerhill in Seoul was not taken lightly. However, guests of the Walkerhill casino must submit a negative COVID-19 test before they can enter. Furthermore, the test had to have been taken in the previous seven days in order to be valid for entry.
Since South Korea is imposing stricture restrictions for all inbound tourist the proof of a negative test should not be a problem. This is because they now require a negative COVID-19 test taken within 72 hours of entering the country.