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

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

Jun 04, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

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.