GGRAsia – S. Korea’s Paradise Co March casino revenue up 130pct y-o-y

S. Korea’s Paradise Co March casino revenue up 130pct y-o-y

Apr 04, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino revenue at South Korea’s foreigner-only casino operator Paradise Co Ltd surged by 129.5 percent year-on-year in March, according to a Tuesday filing by the company to the Korea Exchange.

Such revenue was approximately KRW42.71 billion (US$32.6 million), compared to about KRW18.61 billion in March 2022. But the result was down 3.8 percent month-on-month.

Table games revenue jumped by 137.0 percent year-on-year in March this year, to nearly KRW39.09 billion. Compared to February’s result, it declined by 7.0 percent.

Paradise Co’s March machine game revenue was up 71.2 percent year-on-year and 54.1 percent sequentially, to just below KRW3.63 billion.

No commentary on the reasons for revenue fluctuations is given in the company’s monthly updates.

For the first quarter this year, Paradise Co’s aggregate casino revenue rose by 151.5 percent from the prior-year period, to approximately KRW135.21 billion.

Table revenue for the calendar year to March 31 increased 162.0 percent year-on-year, to almost KRW125.70 billion. Machine revenue was up 64.4 percent year-on-year, to about KRW9.51 billion.

Table drop – the amount of cash exchanged for chips by customers at the table – for the first quarter of this year rose 252.0 percent year-on-year, to just over KRW1.26 trillion. In March, the firm’s casino table drop reached close to KRW425.41 billion, a 17.4-percent improvement month-on-month and a jump of 226.3 percent from the prior-year period.

Paradise Co’s latest casino figures are based on the results of four venues it operates in its casino business division. They are: Walkerhill 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.

Paradise Co reported a net profit of KRW25.49 billion for calendar year 2022, compared to a loss of KRW52.53 billion in the prior 12 months.