Paradise Co’s Aug casino sales rise to US$60mln

Sep 02, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Casino revenue at Paradise Co Ltd, which runs foreigner-only casinos in South Korea, rose by 30.2 percent sequentially to KRW80.18 billion (US$59.9 million) in August, the firm said in a Monday filing to the Korea Exchange. Judged year-on-year, such sales were 4.1 percent higher.

Revenue from table-games in August was nearly KRW75.46 billion, a 32.1-percent increase month-on-month, and up 4.0 percent from a year earlier.

Machine-game sales went up by 5.7 percent sequentially, to just above KRW4.72 billion. Such revenue rose 6.3 percent from August 2023.

Casino drop in August this year – money exchanged for chips at the gaming table – was nearly KRW667.47 billion, up sequentially 23.1 percent, and 16.9-percent higher than a year ago.

Paradise Co directly operates three casino venues: Walkerhill in Seoul; Paradise Jeju on Jeju island; and a property in the port city of Busan.

The company also has a venture with Japan’s Sega Sammy Holdings Inc, for the Paradise City casino resort (pictured) at Incheon, near South Korea’s main airport.

For the first eight months of 2024, casino revenue reached KRW561.08 billion, a 14.3-percent increase from the prior-year period. Casino drop for the eight months to August 31 stood at KRW4.64 trillion, up 17.8 percent from a year earlier.

Paradise Co reported in early August net income of nearly KRW14.55 billion for the second quarter of 2024, down 50.5 percent from the prior-year period. The firm said its second-quarter performance had been negatively affected by “increasing marketing costs”.

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