GGRAsia – S.Korea ops Paradise, GKL see Oct dip in bet revenue m-o-m

S.Korea ops Paradise, GKL see Oct dip in bet revenue m-o-m

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

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.