In a surprising turn of events, Paradise Co, one of South Korea’s leading casino operators, has reported a 16.5% drop in casino revenue year-on-year for the month of September. This decline comes as a shock to many in the industry, as Paradise Co has long been known for its impressive growth and success in the highly competitive Asian gaming market.
According to a report from Asia Gaming Brief, Paradise Co’s September revenue fell to KRW 55.9 billion (US$47.1 million), down from KRW 67 billion (US$56.4 million) in the same month last year. This decline marks the third consecutive month of revenue drops for the company, following decreases of 2.8% in July and 12.5% in August.
The drop in revenue was attributed to a variety of factors, including a decrease in the number of Chinese tourists visiting South Korea due to ongoing tensions between the two countries, as well as increased competition from neighboring countries such as Japan and the Philippines. In addition, the continued impact of the COVID-19 pandemic on travel and tourism has also had a negative effect on Paradise Co’s casino operations.
Despite the challenges faced by Paradise Co, the company remains optimistic about the future and is working on implementing strategies to boost revenue and attract more visitors to its casinos. In a statement, a spokesperson for Paradise Co expressed confidence in the company’s ability to overcome the current challenges and continue to grow in the future.
It will be interesting to see how Paradise Co navigates these difficult times and whether they will be able to bounce back from this recent decline in revenue. Only time will tell if the company can regain its footing in the competitive Asian gaming market and continue on its path to success.