Paradise Co casino revenue up 110pct m-o-m in July

Aug 03, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, saw its July casino revenue rise by 296.5 percent year-on-year, to KRW27.36 billion (US$20.9 million).

Judged month-on-month, the increase was 110.0 percent. The firm gave no commentary on the reasons for either improvement.

The final week of July 2021 coincided with the South Korean authorities imposing so-called “Level 4” social distancing rules – at the time the toughest under that country’s Covid-19 countermeasures – to the Greater Seoul area, including Incheon.

Incheon is the location of Paradise Co’s flagship casino resort, Paradise City (pictured in a file photo).

According to a Tuesday filing to the Korea Exchange, the group’s July 2022 table-game sales were KRW24.90 billion, up 138.4 percent sequentially, and up 399.6 percent year-on-year.

Machine-game sales this July were KRW2.46 billion, down 4.8 percent month-on-month, but up 28.2 percent year-on-year.

For the first seven months of 2022, cumulative casino revenue for Paradise Co was KRW128.35 billion, up 7.4 percent year-on-year.

Table drop, the amount of cash exchanged for chips by customers at the table, rose 74.2 percent month-on-month in July, to nearly KRW235.49 billion. Year-on-year, the July increase was 63.9 percent.

Aggregate table drop for the year to July 31 was almost KRW975.23 billion, a contraction of 4.2 percent compared to the same period in 2021.

The firm’s casino business division consists of the venues Walkerhill in Seoul; Paradise Jeju on Jeju island; a property in the port city of Busan; and Paradise City at Incheon – the latter run via a venture with Japan’s Sega Sammy Holdings Inc.

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