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

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

Aug 05, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

South Korean casino operator Paradise Co Ltd says its casino revenue grew to approximately KRW74.15 billion (US$61.2 million) in July, 3.2 percent more than one month earlier and 19.1 percent more than at the same stage last year.

The firm – which runs gaming venues open only to foreigners – said in a Monday filing to the Korea Stock Exchange that its revenue from gaming tables in July had been almost KRW70.51 billion, 3.7 percent more than the month before and 21.0 percent more than a year earlier.

Table drop – the amount of cash exchanged for chips at the firm’s gaming tables – was around KRW557.06 billion in July, 9.4 percent less than the month before but 20.9 percent more than a year earlier.

The company said its revenue from gaming machines in July had been KRW3.64 billion, 6.0 percent less than the month before and an 8.9-percent decline as measured in year-on-year terms.

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

Paradise said its casino revenue grew to nearly KRW425.63 billion in the first seven months of 2019, 19.1 percent more than at the same stage last year. Revenue from gaming tables for the period stood at KRW399.39 billion, up 20.1 percent, while slot machine revenue increased 5.4 percent to KRW26.23 billion.

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 KRW3.1 billion on revenue of KRW179.51 billion last year.

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.