South Korea’s casino operators are discovering that reopening after their lengthy COVID-19 shutdown doesn’t mean a return to anything resembling ‘normal.’
Last week, Paradise Co Ltd reported that sales at its four foreigner-only casinos totaled KRW29.8b (US$24.5m) in the month of May, down 51.2% from the same month last year. Table games were down 52.4% to KRW27.3b while electronic gaming machines slid nearly one-third to KRW2.5b.
However grim May’s sales may seem, they represent a step up from April’s sales of just under KRW8b. April’s numbers were laid low by Paradise’s decision to close its casinos on March 23 due to COVID-19. But as the country’s infection rate slowed, Paradise reopened its Jeju Island venue on April 13 and its three mainland properties one week later.
Paradise’s fortunes largely mirrored that of Grand Korea Leisure (GKL), which operates three foreigner-only casinos under its Seven Luck brand. GKL reopened its casinos in the first week of May, but the partial month’s sales were down 73.7% to KRW10.4b, with table games down 76% to KRW8.1b and gaming machines off nearly 59% to KRW2.3b.