GGRAsia – Paradise Co 2019 casino revenue soars, modest rise for GKL

Paradise Co 2019 casino revenue soars, modest rise for GKL

Jan 03, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck

Two of South Korea’s main foreigner-only casino operators have reported casino revenue increases for full-year 2019. Casino revenue at foreigner-only operator Paradise Co Ltd jumped by 23.4 percent in full 2019 compared to the previous year, while its market rival Grand Korea Leisure Ltd (GKL) saw casino sales up by a more modest 2.2 percent.

Paradise Co reported on Friday that it recorded casino revenue of KRW784.81 billion (US$672.8 million) for the 12 months of 2019.

Last year’s table revenue rose by 24.7 percent year-on-year to KRW740.07 billion, from KRW593.45 billion the previous year. Slot machine revenue for the full year increased by 5.0 percent year-on-year, to KRW44.74 billion.

For December 2019, Paradise Co’s aggregate casino revenue went up 28.3 percent from the prior-year period, to approximately KRW70.38 billion.

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

Paradise Co’s latest casino figures are based on the results of four venues it operates as part of its casino business division. They are: Walkerhill in Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City, in Incheon, near the main international airport serving the country’s capital Seoul.

GKL also saw its total casino revenue increase in full-2019, according to a filing on Friday. The company reported aggregate casino sales of KRW493.10 billion. Table revenue for the period was KRW434.02 billion, up 2.1 percent from full-year 2018, while machine revenue increased by 2.7 percent year-on-year, to KRW59.08 billion.

The company posted casino sales of nearly KRW51.53 billion in December, up by 42.9 percent from the prior-year period.

GKL is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to South Korea’s Ministry of Culture, Sports and Tourism. The casino operating entity runs three foreigner-only casinos in South Korea under the Seven Luck brand: two in the capital Seoul and one in the southern port city of Busan.