GGRAsia – S. Korea’s Paradise Co casino revenue up 19pct in 1H

S. Korea’s Paradise Co casino revenue up 19pct in 1H

Jul 03, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

South Korean casino operator Paradise Co Ltd says its casino revenue grew to KRW351.21 billion (US$300.1 million) in the first half of 2019, 19.0 percent more than at the same stage last year.

On Tuesday the firm – which runs gaming venues open only to foreigners – told the Korea Stock Exchange that its casino revenue in June had been KRW71.61 billion, 17.2 percent more than the month before and 25.9 percent more than a year earlier.

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

Table revenue for the calendar year to June 30 rose by 19.8 percent year-on-year, to nearly KRW328.62 billion. Machine revenue for the first half of 2019 was up 8.1 percent, to KRW22.59 billion.

Table drop – the amount of cash exchanged for chips by customers at the table – for the first six months of 2019 rose by 26.2 percent year-on-year, to just below KRW3.47 trillion.

Last month’s table revenue increased by 25.6 percent year-on-year to nearly KRW67.74 billion, from KRW53.94 billion a year earlier. The company said its revenue from gaming machines in June had been slightly above KRW3.87 billion, 31.0 percent more than a year earlier.

Paradise Co’s figures are based on gaming at four properties: Walkerhill in Seoul; the Jeju Grand, on Jeju island; Busan Casino in the southern port city of Busan; and Paradise City, at Incheon, close to the country’s main international airport serving the capital, Seoul. The latter gaming venue has been promoted in partnership with a unit of Japanese entertainment conglomerate Sega Sammy Holdings Inc.

Paradise Co reported in May a first-quarter net loss attributable to its shareholders amounting to KRW7.53 billion, on revenue of KRW201.72 billion, having made a first-quarter net profit of KRW3.10 billion on revenue of KRW179.51 billion last year.