S.Korea’s Paradise Co June gaming sales dip 25pct m-o-m

Jul 03, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck  

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June sales from gaming at Paradise Co Ltd, which runs foreigner-only casinos in South Korea, went down 25.0 percent compared to May, the firm said in a Wednesday filing to the Korea Exchange.

Such sales were KRW57.11 billion (US$41.1 million), versus nearly KRW76.17 billion in May. Measured year-on-year, such sales fell by 39.3 percent.

Table-game sales were KRW53.52 billion, equal to 93.7 percent of all June casino sales. The rest was machine-game sales, at nearly KRW3.59 billion.

June casino drop – money exchanged for chips at the table – was just under KRW531.84 billion, down 12.2 perent month-on-month.

Year-on-year, June 2024 casino drop was down 0.2 percent, almost flat versus June 2023.

June’s casino sales result meant that the first-half tally was KRW423.06 billion, a rise of 20.5 percent year-on-year.

Casino drop for the first six months this year was just over KRW3.43 trillion, a 20.9-percent improvement on the prior-year period.

Paradise Co directly operates three casino venues: Walkerhill in Seoul; Paradise Jeju (pictured) on Jeju island; and a property in the port city of Busan.

It also has a venture with Japan’s Sega Sammy Holdings Inc, for the Paradise City casino resort at Incheon, near South Korea’s main airport.

At a Tuesday briefing at Paradise City, Choi Jong-hwan, Paradise Co’s chief executive, said the firm intended to open in September new VIP space at Walkerhill, and to boost its appeal to high-end customers from China and elsewhere in the region.

He also stated the group would start building this year a new luxury hotel in eastern Seoul’s Jangchung neighbourhood with the aim of opening it in 2028.

There was no mention of whether there was an aim to have a casino in the new property.

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