Paradise Co casino sales top US$34mln in February

Mar 02, 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 KRW44.67 billion (US$34.0 million) for February 2023, according to a Thursday filing to the Korea Exchange.

The February casino revenue tally was up 162.7 year-on-year, but it represented a sequential decline of 7.2 percent.

According to Thursday’s filing, table game revenue accounted for nearly KRW42.32 billion, down 5.1 percent month-on-month, but up 176.4 percent from the prior-year period.

Machine-game revenue in February was nearly KRW2.36 billion, a decline of 33.2 percent on a sequential basis, but up 38.7 percent year-on-year.

In February, the firm’s casino table ‘drop’ – the amount paid by customers to purchase chips – reached KRW362.47 billion, down 23.9 percent sequentially, though up 244.0 percent from the prior-year period.

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

Paradise Co reported a fortnight ago a net profit attributable to shareholders of KRW25.49 billion for full-year 2022, compared to a loss of KRW52.53 billion in the prior year. Aggregate sales grew by 41.8 percent year-on-year, to KRW587.64 billion, with casino sales up 17.0 percent, at KRW190.58 billion.

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