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S. Korea’s Paradise Co casino revenue up 4 pct in Nov

Dec 05, 2017 Latest News, Rest of Asia, Top of the deck  

S. Korea’s Paradise Co casino revenue up 4 pct in Nov

Casino revenue at South Korea’s foreigner-only casino operator Paradise Co Ltd rose 3.9 percent year-on-year in November, according to a Tuesday filing by the company to the Korea Exchange.

Such revenue was approximately KRW54.78 billion (US$50.6 million), compared to about KRW52.73 billion in November of 2016.

November 2017 table revenue rose 2.2 percent year-on-year to nearly KRW51.31 billion, from nearly KRW50.19 billion a year earlier.

Paradise Co’s machine revenue jumped 36.8 percent in November this year, to KRW3.47 billion, from KRW2.54 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 11 months of 2017, Paradise Co’s aggregate casino revenue was down 9.1 percent from the prior-year period, to approximately KRW508.27 billion.

Table revenue for the calendar year to November 30 was down 9.9 percent year-on-year, to nearly KRW474.41 billion. Machine revenue for the first 11 months this year was up 3.7 percent, to nearly KRW33.86 billion.

Table drop – the amount of cash exchanged for chips by customers at the table – for the first 11 months of 2017 rose 5.2 percent year-on-year, to just over KRW4.65 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 profit of approximately KRW4.23 billion for the third quarter 2017, a decrease of 56.1 percent from the prior-year period.

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