Paradise Co casino revenue up 89pct m-o-m in August

Sep 02, 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 August casino revenue rise by 89.3 percent month-on-month, to KRW50.76 billion (US$37.3 million).

Judged in year-on-year terms, such revenue was down 15.0 percent. The firm gave no commentary on the reasons for either change.

According to a Friday filing to the Korea Exchange, the group’s August 2022 table-game sales were KRW48.10 billion, up 97.5 percent sequentially, but down 16.6 percent year-on-year.

Machine-game sales last month were KRW2.66 billion, an improvement of 8.4 percent month-on-month, and up 33.4 percent year-on-year.

The month-on-month improvements coincided with the country’s ongoing easing of entry formalities for foreigners from certain places, as South Korea’s tourism market seeks to recover from Covid-19 related disruption.

For the first eight months of 2022, cumulative casino revenue for Paradise Co was KRW178.56 billion, down 0.3 percent from the prior-year period.

Table drop in the year to August 31, the amount of cash exchanged for chips by customers at the table, rose 8.8 percent year-on-year, to nearly KRW1.31 trillion.

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.

In August, Paradise Co reported a second-quarter net profit attributable to shareholders of just under KRW18.61 billion, down 1.6 percent year-on-year.

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