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

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

Dec 05, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck

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.