S. Korea’s Paradise Co casino sales up 3.8 pct in 2014

Jan 09, 2015 Newsdesk Latest News, Rest of Asia, Top of the deck  

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South Korean gaming operator Paradise Co Ltd said sales from its casino business division rose 3.8 percent in 2014, to KRW591.3 billion (US$541.6 million).

The main net growth driver was sales from table games, which grew 3.5 percent, to approximately KRW558.7 billion, the firm said in a regulatory filing this week, quoting preliminary figures.

Sales from machine games jumped 10.4 percent during the same period, but from a modest base, thus reaching KRW32.6 billion.

Paradise Co’s casino business division includes the Walkerhill, Jeju Grand and Incheon casino properties. The company operates two other gaming venues: Paradise Casino Busan and Paradise Casino Jeju Lotte. The five properties, all within the country, are only permitted to host foreign gamblers.

Table drop – defined by the company as the amount of cash exchanged for chips by customers at the table – rose by 12.7 percent year-on-year in 2014, to KRW5.3 trillion, Paradise Co said.

The firm is currently developing a US$1.7 billion casino scheme near Seoul, known as Paradise City, in partnership with Japan’s Sega Sammy Holdings Inc. The project broke ground last November and is scheduled to open in 2017.

Paradise Co posted a 7.6-percent profit drop in the third quarter of 2014, despite a strong contribution to table drop by Chinese high rollers.

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