The gravy train has ground to a halt for Paradise Co Ltd., the South Korea foreigner-only casino operator. In an April 3 filing, they reported revenues dropped 0.9% year over year in March.
In total, they brought in KRW50.63 billion ($44.6 million), compared to a slightly healthier KRW51.07 billion ($45 million) in March 2018. The decline was mostly due to machine games, which reduced 11.3%, while table games remained even with 2018.
The company didn’t provide any rationale for the decrease. Considering it’s the first time in months that they’ve seen a decrease, they might not have been prepared to explain themselves. It could very well be though that the weekend fire that shut down their Paradise City hotel for an afternoon could have made the difference between an increase and a decrease in their bottom line for the period.
Before this decline, Paradise Co looked unbeatable. It ended 2018 very strong, and rumbled to a 28.5% increase for the month of February.