South Korea’s Foreigner-Only Casinos See Mixed Performances in October

One of South Korea’s foreigner-only gambling casino operators, Paradise Co, saw 125% higher revenue inwards October. However, their other venue, Grand Korean Peninsula Leisure, saw a substantive fall inwards sales.

Paradise Co’s a la mode(p) financial statement shows the society earned KRW21.35 1000000000 (US $18.03 million) in October. This was significantly improve than September, which totaled KRW9.49 billion (US $8 million). However, sales were still 4.5% let down than inward October of in conclusion year.

Some of the success is due to an increase inward restrictions inward the company. However, casinos preserve to deal with the closedown of intragroup borders.

New restrictions released Monday inward the land simplicity restrictions for some businesses, including bars and casinos. The government activity plans to eradicate all national restrictions past the root of 2022.  This could aid pull in unexampled international interest, with South Korea repeatedly on operators’ radar as the prime aim for expansion.

Paradise Co Saved By Table Games

Paradise Co saw most of their Oct revenue from tabulate tables. Table games earned KRW19.65 one million million (US $16.59 million) inwards Oct crosswise all Paradise Co casinos. This signifies an increase of 153% month-on-month.

Slot machines accounted for sales of KRW1.7 1000000000000 (US $1.43 million), which is 1% less than inward September.

Paradise Co owns four casinos: Paradise Walkerhill in Seoul, and Jeju Grand, Busan Casino Paradise, and Paradise City inwards Incheon.

GKL Heads inwards the Opposite Direction

The only when other foreigner-only gambling casino manipulator inwards South Korea, Grand Dae-Han-Min-Gook Leisure (GKL), didn’t assure the same success. It announced a 16.5% discharge in sales compared to last-place year, and a sequential diminution inward sales of KRW9.27 one thousand million ($7.82 million).

Revenue from tabular array games was push down 3.2% compared to September. This represents a 16% year-on-year decline. Revenue from one-armed bandit machines was KRW 1.60 1000000000 (US $1.35 million), which is 7.2% higher than the previous month, but allay 17.8% depress than October of lowest year.

For the for the first time decade months, gambling casino sales were almost 60% bring down (58.3%) than inwards the same full point utmost year. As a result, the last tally was KRW75.35 1000000000000 ($63.59 million), impacted by a tabularize pearl that felled seam 57.5% to KRW 580.64 billion (US $490.08 million). The tabulate pearl for Oct was KRW71.95 1000000000000 (US $60.72 million). But this fig was 2.2% higher when compared to the fig for September.

GKL has tercet casinos in South Korea, the Gangnam COEX and Gangbuk Millenium Seoul Hilton in Seoul, and Seven Luck Casino Busan Lotte.

South Korea’s COVID-19 Fight

Restrictions in South Han-Gook experience been very stringent because of the COVID-19 pandemic, and authorities are just now first to slow down these measures. As a result, restaurants and cafes and other businesses canful now operate without clip constraints.

On Friday, the government activity proclaimed that restrictions would be lifted or relaxed this month inwards operations inwards most establishments. Still, the authorities mandates trial impression of vaccination or a disconfirming PCR in many places, including casinos. Mask requirements and social distancing requirements remain in place.