The Seoul-listed company’s results showed an 84% drop compared to its August earnings of about $51.4 million

And came after South Korea implemented a new set of measures to help stem the ongoing spread of the coronavirus pandemic, according to a report by Inside Asian Gaming. The source detailed that South Korea recorded up to a new daily infection rate of up to 2 for the week Sunday, even though the rate was halved as a result of a nationwide campaign and increased vaccinations.

Visiting Vacuum:

Paradise Company Limited is responsible for the huge Paradise City integrated casino resort near the port city of Incheon and small hotel-based operations in Jeju, Busan and Seoul. All of this is rumored to have seen a significant drop in customer numbers while the company’s only property in the South Korean capital was recently operating under strict coronavirus-related quarantine restrictions, which extended another two weeks to Oct. 18.

Extended Latency:

Paradise Company Limited avoided specific responsibility for the coronavirus’s recent slump, but nevertheless noted September tally table declines of 24.8% year-on-year and 44.4% month-on-month to about $85.6 million, all from a 27.7% year-on-year decline in an area of $157.9 million.

Rival Reversals:

Staying in South and Inside Asian Gaming reported that fellow casino operator Grand Korea Leisure Company Limited offset the downward trend seen by its larger competitors after posting $7.8 million in total sales in September, up 7% from the previous month. The Seoul headquarters is responsible for three Seven Luck brand gambling companies located in Millennium Hilton Seoul, Intercontinental Seoul COEX and Lotte Busan Hotel.

Decreasing transitions:

Nevertheless, Grand Korea Leisure Co., a subsidiary of the Korea Tourism Organization and parent of the Ministry of Culture, Sports and Tourism, saw its September total deal fall slightly from the previous month to about $58.9 million, with the nine-month figure falling 60.3 percent to about $425.7 million.

Contract contributions:

South Korea’s casino industry has been hit hard by the coronavirus pandemic and its tax contribution plunged 82.4 percent last year, compared with $70.7 million. The state-run Kangwon Land Casino of Kangwon Land Co., Ltd. reported a $51.8 million tally, just over 73 percent of taxes collected from 17 gambling-friendly properties in the country.

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