GGRAsia – S. Korea’s Paradise Co casino revenue up 15pct in Oct

S. Korea’s Paradise Co casino revenue up 15pct in Oct

Nov 04, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

South Korean gaming operator Paradise Co Ltd says its casino revenue for October rose by 15.4 percent year-on-year, to KRW80.90 billion (US$69.7 million). Judged month-on-month, last month’s casino revenue increased by 11.0 percent compared to September, according to a Monday filing.

The year-on-year increase in casino revenue was helped by a 14.6-percent rise in table game revenue during the month of October, to about KRW76.92 billion. Machine game revenue jumped by 34.3 percent year-on-year, to approximately KRW3.98 billion, the firm said in a filing to the Korea Exchange.

No commentary on the reasons for revenue fluctuations is given in the company’s monthly updates.

Paradise Co said casino revenue for the first 10 months of 2019 rose by 22.3 percent year-on-year, to about KRW648.06 billion.

Table game revenue for the period was up 23.3 percent to about KRW610.53 billion, while machine game revenue increased by 7.4 percent to almost KRW37.53 billion.

Paradise Co’s figures are based on gaming at four properties. The casino at each one is only permitted to serve foreign customers. The venues are: Walkerhill (pictured in a file photo) in Seoul; the Jeju Grand, on Jeju island; Busan Casino in the southern port city of Busan; and Paradise City, at Incheon, close to the country’s main international airport serving the capital, Seoul. The latter gaming venue is promoted in partnership with a unit of Japanese entertainment conglomerate Sega Sammy Holdings Inc.

Table drop – the amount of cash exchanged for chips at the firm’s gaming tables – was almost KRW5.75 trillion in the first 10 months of 2019, 20.7 percent higher than in the prior-year period.

Paradise Co reported in August a second-quarter net loss amounting to KRW2.06 billion. For the first six months of 2019, the firm recorded an accumulated loss of approximately KRW9.59 billion, it said.