Casino sales at South Korean casino operator Paradise Co Ltd fell 7.7 percent year-on-year in the first quarter of 2016, the firm said in a filing to the Korea Exchange on Tuesday.
Such sales amounted to KRW137.2 billion (US$118.9 million) in the three months to March 31, compared to nearly KRW148.7 billion in the prior-year period.
Table game sales accounted for approximately 94 percent of the group’s total casino sales in the first quarter of 2016, at approximately KRW128.9 billion. Table sales fell 7.3 percent year-on-year.
Gaming machine sales for the period declined 14.4 percent from a year earlier, to nearly KRW8.3 billion, the casino operator said in its latest filing.
The firm said table drop at its casinos – defined by the company as “the amount of cash exchanged for chips by customers at the table” – fell by 4.8 percent year-on-year in the first quarter of 2016, to KRW1.23 trillion.
Paradise Co currently operates a network of five foreigner-only casinos located in three major cities in South Korea and on the country’s holiday island of Jeju.
For the month of March, the group’s total casino sales were up 12.9 percent year-on-year, to KRW43.3 billion.
Paradise Co posted a net profit of KRW65.3 billion for full 2015, a decline of 32.2 percent compared to 2014, the firm said in February. Sales for the full year 2015 totalled KRW615.4 billion, up by 11.5 percent from the previous year.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia