South Korean casino operator Paradise Co Ltd says its casino revenue grew to more than KRW61.43 billion (US$52.0 million) last month, 7.5 percent more than one month earlier and 18.5 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 revenue from gaming tables in May had been almost KRW57.76 billion, 7.9 percent more than the month before and 21.8 percent more than a year earlier.
Table drop – the amount of cash exchanged for chips at the firm’s gaming tables – was nearly KRW609.09 billion in May, 2.1 percent less than the month before but 28.2 percent more than a year earlier.
The company said its revenue from gaming machines in May had been almost KRW3.68 billion, 1.9 percent more than the month before but 18.5 percent less than a year earlier.
Paradise Co reported last month 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 (pictured), 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.
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”I do not believe that this event [the collapse of a under-construction building in Sihanoukville] will slow down the issuance of [gaming] licences. Market forces will probably dictate the process as developers evaluate projected future demand for gaming in the region”
Senior partner at business consultancy Global Market Advisors