GGRAsia – S. Korea’s Paradise Co casino revenue soars 29pct in Feb

S. Korea’s Paradise Co casino revenue soars 29pct in Feb

Mar 06, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino revenue at South Korea’s foreigner-only casino operator Paradise Co Ltd rose by 28.5 percent year-on-year in February, according to a Tuesday filing by the company to the Korea Exchange.

Such revenue was approximately KRW55.83 billion (US$49.6 million), compared to about KRW54.29 billion in February of 2018.

Last month’s table revenue increased by 28.8 percent year-on-year to KRW51.42 billion, from KRW39.92 billion a year earlier.

Machine revenue rose by 24.5 percent year-on-year in February this year, to KRW4.41 billion, from KRW3.54 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 two months of 2019, Paradise Co’s aggregate casino revenue was up 15.2 percent from the prior-year period, to approximately KRW111.94 billion.

Table revenue for the calendar year to February 28 rose by 15.3 percent year-on-year, to nearly KRW103.55 billion. Machine revenue for the first two months this year was up 14.0 percent, to KRW8.39 billion.

Table drop – the amount of cash exchanged for chips by customers at the table – for the first two months of 2019 rose by 25.9 percent year-on-year, to just over KRW1.07 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 (pictured) 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.

The casino operator reported last month a net loss of approximately KRW10.97 billion for full-year 2018, compared with a loss of KRW18.95 billion in full-year 2017.

Paradise Co signed last month a non-legally binding memo about possible cooperation with Suncity Group Holdings Ltd, the latter company disclosed in a February filing. The memorandum of understanding related to Paradise Casino Busan, said the firm in a filing to the Hong Kong Stock Exchange. Suncity Group Holdings is a Hong Kong-listed vehicle controlled by Macau casino junket investor Alvin Chau Cheok Wa.

In a subsequent press release, privately-held Suncity Group, also controlled by Mr Chau, said the Hong Kong-listed entity also planned to “acquire partial stakes of Paradise Casino Busan in South Korea”.