Paradise Co 2022 casino revenue up 41pct y-o-y

Jan 03, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Paradise Co Ltd, an operator of foreigner-only casinos in South Korea, reported casino revenue of nearly KRW350.68 billion (US$274.5 million) for full-year 2022. That was up 40.5 percent from the previous year, according to a Monday filing to the Korea Exchange.

The firm’s table game sales in 2022 were KRW319.44 billion, a 40.9-percent increase year-on-year. Machine game sales were KRW31.24 billion, up 36.6 percent from 2021.

In 2022, the firm’s casino ‘drop’ – the amount paid by customers to purchase chips – was up 68.5 percent year-on-year, at KRW2.88 trillion.

The figures are based on Paradise Co’s casino business division, consisting of Walkerhill in Seoul, its Jeju property, Paradise City at Incheon, and its Busan casino.

The company did not provide commentary on the reasons for the increase in revenue, though the improvement in the second half of the year coincided with reports of increased numbers of foreign visitors to the country, as Covid-19 restrictions had been eased.

Paradise Co reported nearly KRW47.87 billion in December casino revenue, an increase of 60.7 percent from the prior-year period. Judged month-on-month, casino sales were up 21.6 percent on those achieved in November.

Table game sales for December rose 25.8 percent month-on-month, to just above KRW44.88 billion. Machine game sales were just under KRW2.99 billion, down 19.0 percent month-on-month.

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