GGRAsia – Paradise Co, GKL September casino rev down m-o-m

Paradise Co, GKL September casino rev down m-o-m

Oct 05, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino revenue at Paradise Co Ltd, an operator in South Korea of foreigner-only gaming venues, decreased by 2.4 percent month-on-month in September, according to a Wednesday filing by the company to the Korea Exchange.

Such revenue was about KRW75.12 billion (US$55.6 million), compared to KRW76.96 billion in August. Judged year-on-year, the result was up 94.2 percent.

Last month’s table games revenue decreased by 2.5 percent sequentially, to just under KRW70.74 billion. The figure was up 99.4 percent from the prior-year period.

Paradise Co’s September machine game revenue was down 1.2 percent month-on-month but 36.6 percent higher than a year ago, at KRW4.39 billion.

Paradise Co’s latest casino figures are based on the results of four venues it operates in its casino business division. They are: Walkerhill in Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City, in Incheon, near the main international airport serving the country’s capital Seoul.

Paradise Co’s aggregate casino revenue in the first nine months of 2023 stood at nearly KRW565.90 billion, up 160.8 percent from a year earlier.

Rival foreigner-only casino operator Grand Korea Leisure Co Ltd (GKL) saw casino sales in September decline by 0.2 percent month-on-month, to nearly KRW33.32 billion, the company said in a Wednesday filing. The latest monthly tally was up 31.4 percent from the prior-year period.

During September, table-game sales were approximately KRW30.12 billion, down 0.2 percent sequentially and up 33.5 percent from a year ago. Machine-game sales were KRW3.20 billion, down 0.2 percent month-on-month and 14.8-percent higher than a year earlier.

Grand Korea Leisure’s casino sales in the nine months to September 30 totalled KRW305.87 billion, an increase of 78.2 percent from the prior-year period.

Grand Korea Leisure runs three foreigner-only, Seven Luck-branded, casinos. Two are in the capital Seoul, including in Gangnam, and one in the southeastern port city of Busan. The company is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to the Ministry of Culture, Sports and Tourism.