South Korea’s Foreigner-Solely Casinos See Combined Performances in October


Posted on: November 3, 2021, 09:45h. 

Final up to date on: November 3, 2021, 10:09h.

One among South Korea’s foreigner-only on line casino operators, Paradise Co, noticed 125% greater income in October. Nonetheless, their different venue, Grand Korea Leisure, noticed a considerable drop in gross sales.

Paradise city casino in South Korea
Paradise Co’s Paradise Metropolis on line casino and resort, situated close to Incheon, pictured above. The corporate noticed elevated desk income this month. Nonetheless, general income continues to be down from final yr. (Picture: Paradise Metropolis)

Paradise Co’s newest monetary assertion reveals the corporate earned KRW21.35 billion (US $18.03 million) in October. This was considerably higher than September, which totaled KRW9.49 billion (US $8 million). Nonetheless, gross sales had been nonetheless 4.5% decrease than in October of final yr.

A number of the success is because of a rise in restrictions within the firm. Nonetheless, casinos proceed to take care of the closure of inner borders.

New restrictions launched Monday within the nation ease restrictions for some companies, together with bars and casinos. The federal government plans to get rid of all nationwide restrictions by the start of 2022.  This might assist entice new worldwide curiosity, with South Korea repeatedly on operators’ radar because the prime goal for enlargement. 

Paradise Co Saved By Desk Video games

Paradise Co noticed most of their October income from desk tables. Desk video games earned KRW19.65 billion (US $16.59 million) in October throughout all Paradise Co casinos. This signifies a rise of 153% month-on-month. 

Slot machines accounted for gross sales of KRW1.7 billion (US $1.43 million), which is 1% lower than in September.

Paradise Co owns 4 casinos: Paradise Walkerhill in Seoul, and Jeju Grand, Busan On line casino Paradise, and Paradise Metropolis in Incheon.

GKL Heads within the Reverse Route

The one different foreigner-only on line casino operator in South Korea, Grand Korea Leisure (GKL), didn’t see the identical success. It introduced a 16.5% drop in gross sales in comparison with final yr, and a sequential decline in gross sales of KRW9.27 billion ($7.82 million). 

Income from desk video games was down 3.2% in comparison with September. This represents a 16% year-on-year decline. Income from slot machines was KRW 1.60 billion (US $1.35 million), which is 7.2% greater than the earlier month, however nonetheless 17.8% decrease than October of final yr.

For the primary ten months, on line casino gross sales had been nearly 60% decrease (58.3%) than in the identical interval final yr. Because of this, the ultimate whole was KRW75.35 billion ($63.59 million), impacted by a desk drop that fell 57.5% to KRW 580.64 billion (US $490.08 million). The desk drop for October was KRW71.95 billion (US $60.72 million). However this determine was 2.2% greater when in comparison with the determine for September.

GKL has three casinos in South Korea, the Gangnam COEX and Gangbuk Millenium Seoul Hilton in Seoul, and Seven Luck On line casino Busan Lotte.

South Korea’s COVID-19 Battle

Restrictions in South Korea have been very stringent due to the COVID-19 pandemic, and authorities are simply starting to calm down these measures. Because of this, eating places and cafes and different companies can now function with out time constraints.

On Friday, the federal government introduced that restrictions can be lifted or relaxed this month in operations in most institutions. Nonetheless, the federal government mandates proof of vaccination or a unfavorable PCR in lots of locations, together with casinos. Masks necessities and social distancing necessities stay in place. 

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