South Korean gaming company Paradise Co Ltd says its first-half casino revenue grew to about KRW296.31 billion (US$264.67 million) this year, a 23.7-increase over the same period last year. Paradise Co told the Korea Exchange on Thursday that its first-half table game revenue grew by 23.7 percent year-on-year to KRW275.41 billion and that its slot machine revenue grew by 23.7 percent to just over KRW20.9 billion.
The Seoul-listed company runs four casinos in South Korea: Walker-hill, Jeju Grand, Incheon Paradise City and Busan Casino. All are intended only for foreigners and no South Koreans are admitted.
Turnover retreated at the country’s foreigner-only casinos in 2017, down by about 5.4 percent last year compared to 2016. The annual turnover data has fluctuated between growth and decline since 2015.
Paradise Co is showing more positive results, with last month’s casino revenue just over KRW57.59 billion, 11.1 percent more than the month before and 65.9 percent more than a year earlier.
Table game revenue in June was nearly KRW54.64 billion, 15.2 percent more than in May and 71.8 percent more than in the prior-year period. Slot machine revenue last month was just over KRW2.95 billion, 33.3 percent less than the month before but 0.2 percent more than a year earlier, Paradise Co told the stock exchange.
In its annual review of the foreigner-only casino industry published late in June, the country’s regulator – the National Gambling Control Commission – said the country’s 16 foreigner-only casinos saw almost 2.22 million visitors last year, a decrease of 6.22 percent compared to the 2016 data.
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”Many investors cite Golden Week as a catalyst to significant, sustainable visitation increases and a showcase for profitability for many casinos [in Macau]... However… we are concerned recovery estimates may again be pushed back”
Analyst at Roth Capital Partners