S. Korea’s Paradise Co 1Q casino revenue down 10pct

Apr 06, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Casino revenue at foreigner-only casino operator Paradise Co Ltd in South Korea slipped 10.8 percent year-on-year in March. Such revenue was nearly KRW39.26 billion (US$34.9 million), compared to KRW44.03 billion in the prior-year period.

For the whole of the first quarter, Paradise Co’s casino revenue was down 9.5 percent year-on-year. It stood at approximately KRW124.93 billion for the year as of March 31, compared to KRW137.97 billion in the prior-year period.

In the month of March, table revenue slipped 11.9 percent year-on-year, to KRW36.36 billion, from KRW41.28 billion in the prior-year period.

March 2017 machine revenue for the firm was up 5.2 percent year-on-year, at KRW2.89 billion, versus just under KRW2.75 billion for the equivalent month in 2016.

First-quarter 2017 casino drop – measured as the amount of cash exchanged for chips by customers at casino tables during the period – was down 2.8 percent year-on-year, at nearly KRW1.20 trillion, compared to KRW1.23 trillion in the first three months of 2016, the firm added in a Wednesday filing to the Korea Exchange.

Paradise Co said all the figures were based on what its “casino business division”, comprising the venues Walkerhill in Seoul (pictured); Jeju Grand on Jeju Island; a property at Incheon; and one at Busan. Jeju Lotte is not included in the monthly data.

Paradise Co currently operates five foreigner-only casinos in South Korea. The country currently has 17 casinos but only one – Kangwon Land in a remote upland area – is allowed to serve South Korean nationals.

On April 20 Paradise Co will open Paradise City, a large-scale new casino resort close to Incheon International Airport and that will target foreign tourists. It is in collaboration with Tokyo-based Japanese pachinko operator Sega Sammy Holdings Inc.

Brokerage Aegis Capital Corp said in an early March note that a political row between China and South Korea regarding the placement of a U.S. missile system in the latter country could benefit Macau by diverting Chinese tourists away from South Korea and toward the special administrative region.

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