Paradise Co sees May casino revenue up 30pct m-o-m

Jun 01, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Casino revenue at South Korea’s foreigner-only casino operator Paradise Co Ltd rose by 30 percent month-on-month in May, according to a Thursday filing by the company to the Korea Exchange.

Such revenue was approximately KRW70.14 billion (US$53.1 million), compared to about KRW53.94 billion in April. Judged year-on-year, the result was up 313.3 percent, from KRW16.97 billion in May 2022.

Table games revenue jumped by 31.1 percent sequentially in May this year, to just above KRW65.70 billion. The figure was up 343.6 percent from the prior-year period.

Paradise Co’s May machine game revenue was up 16.1 percent month-on-month and 105.3 percent from a year ago, to just below KRW4.44 billion.

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 five months of 2023 stood at nearly KRW258.45 billion, up 193.8 percent from a year earlier.

Table revenue for the calendar year to May 31 increased 209.8 percent year-on-year, to KRW240.68 billion. Machine revenue was up 73.1 percent year-on-year, to about KRW17.77 billion.

Table drop – the amount of cash exchanged for chips by customers at the table – for the first five months of this year rose by 281.5 percent year-on-year, to just below KRW2.31 trillion.

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 (pictured), in Incheon, near the main international airport serving the country’s capital Seoul.

Paradise Co reported net profit attributable to shareholders of KRW6.99 billion for the first quarter this year, an improvement on the KRW4.05-billion loss in the previous three months.

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