S. Korea’s Paradise Co casino revenue down 5pct in Nov

Dec 05, 2018 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 declined 4.9 percent year-on-year in November, according to a Wednesday filing by the company to the Korea Exchange.

Such revenue was approximately KRW51.63 billion (US$45.8 million), compared to about KRW54.29 billion in November of 2017.

Last month’s table revenue fell 6.7 percent year-on-year to nearly KRW47.40 billion, from nearly KRW50.82 billion a year earlier.

The decline in table revenue was offset by a 21.9 percent year-on-year increase in machine revenue in November this year, to KRW4.23 billion, from nearly KRW3.47 billion in the prior-year period.

No commentary on the reasons for year-on-year revenue fluctuations is given in the company’s monthly updates.

For the first 11 months of 2018, Paradise Co’s aggregate casino revenue was up 16.6 percent from the prior-year period, to approximately KRW583.15 billion.

Table revenue for the calendar year to November 30 rose by 16.7 percent year-on-year, to nearly KRW543.98 billion. Machine revenue for the first 11 months this year was up 15.7 percent, to KRW39.17 billion.

Table drop – the amount of cash exchanged for chips by customers at the table – for the first 11 months of 2018 rose by 13.5 percent year-on-year, to just over KRW5.28 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.

The casino operator reported last month a net profit of approximately KRW4.72 billion for the third quarter 2018, an increase of 11.6 percent from the prior-year period.

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