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 SeoulBusan 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%.

Source: Worldcasinodirectory, Worldcasinonews