GGRAsia – S. Korea’s Paradise Co Nov casino revenue up 32pct

S. Korea’s Paradise Co Nov casino revenue up 32pct

Dec 04, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino revenue at South Korean casino operator Paradise Co Ltd rose 31.6 percent year-on-year in November, the firm said in a filing on Tuesday to the Korea Exchange.

Such revenue was nearly KRW67.27 billion (US$56.4 million) compared to about KRW51.15 billion in the year-prior period. Judged month-on-month, November casino revenue fell 16.5 percent compared to October.

The year-on-year improvement in November casino revenue was supported by a 35.0 percent rise in table game revenue during that month, to KRW63.33 billion. Machine game revenue however fell 7.0 percent to approximately KRW3.93 billion in November.

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

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.

In the 11 months to November 30, Paradise Co’s casino revenue was up 23.0 percent year-on-year, to approximately KRW714.99 billion.

Table revenue for the calendar year to November 30 rose by 24.3 percent year-on-year, to nearly KRW673.53 billion. Machine revenue for the first 11 months this year was up 5.9 percent, to KRW41.46 billion.

Table drop – the amount of cash exchanged for chips by customers at the table – for the first 11 months of 2019 rose by 18.5 percent year-on-year, to nearly KRW6.26 trillion.

Paradise Co reported last month a profit of approximately KRW34.21 billion for the three months to September 30, on revenue that rose by 30.4 percent in year-on-year terms.