Paradise Co June casino rev at US$73mln, up 40pct m-o-m

Jul 03, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

---

Casino revenue at South Korea’s foreigner-only casino operator Paradise Co Ltd increased by 39.5 percent month-on-month in June, according to a Monday filing by the company to the Korea Exchange.

Such revenue was approximately KRW95.59 billion (US$72.89 million), compared to nearly KRW68.55 billion in May. Judged year-on-year, the result was up 633.8 percent, from about KRW13.03 billion in June 2022.

Table games revenue jumped by 42.5 percent sequentially in June this year, to KRW91.33 billion. The figure was up 774.1 percent from the prior-year period.

Paradise Co’s June machine game revenue was down 3.9 percent month-on-month but 65.4 percent higher from a year ago, to KRW4.26 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.

Walkerhill generated KRW61.10 billion in casino revenue for June, making it the largest contributor to Paradise Co’s latest monthly results, according to a separate set of revenue figures the firm lodged on its official website.

No commentary on the reasons for revenue fluctuations is given in the company’s monthly updates.

The firm’s aggregate casino revenue in the first six months of 2023 stood at nearly KRW352.45 billion, up 249 percent from a year earlier.

Table revenue for the calendar year to June 30 increased 274.8 percent year-on-year, to KRW330.42 billion. Machine revenue was up 71.5 percent year-on-year, to about KRW22.03 billion.

Table drop – the amount of cash exchanged for chips by customers at the table – for the first six months of this year rose by 283.8 percent year-on-year, to just below KRW2.84 trillion.

---

---