Casino revenue at Paradise Co Ltd, and at Grand Korea Leisure Co Ltd (GKL), operators in South Korea of foreigner-only gaming venues, respectively fell month-on-month in October. The information was in Thursday filings to the Korea Exchange.
Paradise Co’s sequential decline was 17.3 percent. Such casino revenue was KRW61.01 billion (US$45.7 million) compared to nearly KRW73.76 billion in September. The tally was 31.2 percent up on October 2022.
This October’s table game revenue was KRW57.20 billion, down 17.5 percent sequentially. Machine-game revenue was just under KRW3.81 billion, a decrease of 13.3 percent month-on-month.
No commentary was given to explain the monthly difference.
The October result took Paradise Co’s calendar-year casino revenue to almost KRW625.50 billion, up 137.4 percent on the same period in 2022.
October’s table drop – the amount of cash exchanged by customers for chips at gaming tables – fell 5.1 percent sequentially, to KRW538.51 billion. Such drop was up 30.4 percent year-on-year.
For the 10 months to October 31, Paradise Co’s table drop was nearly KRW5.05 trillion, a rise of 146.5 percent year-on-year.
Paradise Co’s data 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.
Grand Korea Leisure’s October gaming revenue was KRW28.64 billion, down 14.0 percent month-on-month. Judged year-on-year, it was down 17.7 percent. The company did not provide commentary to explain the monthly difference.
Table revenue was KRW25.53 billion, down 15.2 percent sequentially. Year-on-year it slipped 21.0 percent.
Machine-game revenue was down 2.7 percent month-on-month, at KRW3.11 billion, but was up 24.3 percent measured year-on-year.
The October result took Grand Korea Leisure’s calendar-year casino revenue to KRW334.51 billion, up 62.1 percent year-on-year.
The group’s drop amount in October was flat year-on-year, at just under KRW310.85 billion. For the opening 10 months of the year, drop was KRW2.75 trillion, up 85.6 percent year-on-year.
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.
