GGRAsia – Paradise Co, GKL see m-o-m gains in Oct casino revenue

Paradise Co, GKL see m-o-m gains in Oct casino revenue

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

October gaming revenue at Paradise Co Ltd, an operator in South Korea of foreigner-only casinos, rose by 21.2 percent month-on-month, to nearly KRW46.90 billion (US$33.0 million). Such revenue was up 119.9 percent from a year earlier, the group stated in a Wednesday filing to the Korea Exchange.

Paradise Co’s table game revenue rose by 22.6 percent month-on-month, at KRW43.50 billion. Machine game revenue was up 5.8 percent sequentially, at KRW3.39 billion.

The result took Paradise Co’s casino revenue total to KRW263.85 billion for the first 10 months of 2022, a rise of 25.7 percent year-on-year.

Paradise Co’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 (pictured) at Incheon – the latter run via a venture with Japan’s Sega Sammy Holdings Inc.

Grand Korea Leisure Co Ltd (GKL), a rival to Paradise Co in South Korea’s foreigner-only casino segment, said in a Wednesday filing that its October casino revenue rose 37.3 percent sequentially, to KRW34.82 billion. Measured year-on-year, the improvement was 275.5 percent.

October 2022 table game revenue at Grand Korea Leisure rose 43.2 percent month-on-month, to nearly KRW32.32 billion. Machine game revenue fell by 10.2 percent sequentially, to just above KRW2.50 billion.

Last month’s data took Grand Korea Leisure’s casino revenue tally for the calendar year to October 31, to nearly KRW206.42 billion, a year-on-year improvement of 173.9 percent.

Grand Korea Leisure is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to the 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.