South Korea Casino Operators Continue to See Mixed Results
The world(a) gambling casino securities industry continues struggling as it tries to combat away COVID-19. This is especially straight of South Korea’s market, although thither was ane developing that improved in 2021.
Casinos inwards South Korea have seen their ups and downs as a outcome of the COVID-19 pandemic. As 2021 wrapped up and the final numbers were presented, the impact became clearer.
Paradise Co., which is behind Walkerhill in Seoul, Jeju Grand on Jeju island and Paradise City inwards Incheon and Busan, saw a 25.7% year-on-year fall inwards revenue. The last add together for the foreigner-only casinos was KRW249.76 1000000000 (US$208.8 million). For the prior year, the fig was KRW335.97 1000000000000 (US$278.85 million).
Paradise Co Sees Revenue Dip as 2021 Progresses
A bounteous red ink was recorded later(a) in the year. Paradise Co. saw its month-on-month revenue lead from KRW21.35 1000000000 (US$18.08 million) to KRW9.9 billion (US$8.38 million) between October and November. For the world-class 11 months of the year, the revenue add together was 25% to a lesser extent than the same geological period in 2020.
The salutary tidings is that, in December, gambling casino sales added 203% from November’s net amount, according to the operator’s announcement. This came turned a 15.7% advance in tabularize drop, which shut at KRW159.85 one million million (US$133.3 million).
That was also a 5.2% increase o'er the fig for Dec 2020. Sales fell, however, inwards the December-to-December comparison, coming inwards 30.1% lower.
Table mettlesome sales inwards 2021 marked a year-on-year free fall of 27.1%, falling to KRW226.89 one thousand million (US$189.2 million). Gaming machines missed 8.1% as the sales closed in(p) at KRW22.87 billion (US$19.1 million).
Overall, tabular array set down lost 26.6% last twelvemonth compared to 2020, only reaching KRW1.71 trillion (US$1.43 billion).
Grand Han-Gook Leisure Co (GKL), the other foreigner-only gambling casino operator in South Korea, saw similar results in November. Its gaming revenue dropped 55.9% from the previous month, subsidence at KRW4.09 billion (US$3.5 million). The full-year results haven’t been released.
Jeju Dream Tower Finds its Rhythm
Jeju Dream Tower, which was added to South Korea’s gaming landscape painting inwards June of finally year, also saw a break December. The month was the first-class honours degree clip its operator, Lotte Tour Development Co Ltd, was capable to study a positive EBITDA (earnings before interest, taxes, depreciation and amortization).
Located on the once-bustling Jeju Island, the dimension saw Earnings Before Interest Taxes Depreciation and Amortization of KRW1.48 1000000000 (US$1.23 million) in conclusion month. This was made possible, inwards part, thanks to the KRW8.13 one million million (US$6.75 million) inward gaming revenue received.
All terzetto of the property’s stage business segments, which are listed as casino, hotel and retail, performed better. The come sales revenue was close to KRW20 one million million ($16.61 million), with the all-suite hotel providing the biggest improvement. The Grand Hyatt dimension took in a new enter of KRW11.5 one thousand million (US$9.55 million), according to a accompany public press release.
The figures for 2022 testament potential be better, provided South Korean Peninsula tin hold COVID-19 below control. a sec hotel tower opened at the remnant of November, bringing the amount figure of hotel rooms to 1,552.
GKL has begun the unexampled twelvemonth with a little step backwards. Its Gangnam COEX casino inwards Seoul unopen land as of 10 AM local clip on Midweek and won’t unresolved until sometime on Friday. The decision was taken after 8 employees were dictated to follow infected with COVID-19.