GGRAsia – S. Korea’s Paradise Co Nov casino sales up 7 pct

S. Korea’s Paradise Co Nov casino sales up 7 pct

Dec 07, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino sales at South Korean casino operator Paradise Co Ltd rose 7.2 percent year-on-year in November, the firm said in a filing on Monday to the Korea Exchange.

Such sales were KRW53.91 billion (US$46.1 million) compared to KRW50.30 billion in the year-prior period. Judged month-on-month, November casino sales fell 0.3 percent compared to October.

The year-on-year improvement in November casino sales was supported by a 10.2 percent rise in table game sales during that month, to KRW51.38 billion. Machine game sales however fell 30.9 percent to approximately KRW2.54 billion in November.

Paradise Co’s figures are based on the results of four venues it operates, all foreigner-only casinos, namely: Walkerhill in Seoul; Incheon Casino at Incheon; Jeju Grand on Jeju Island; and Busan Casino in the southern port city of Busan.

In the 11 months to November 30, Paradise Co’s casino sales were up 6.1 percent year-on-year, to approximately KRW560.57 billion. Table game sales rose 7.1 percent year-on-year in the first 11 months of 2016, while machine game sales declined by 8.0 percent.

Paradise Co is currently constructing a foreigner-only casino resort called Paradise City, in Incheon, near the main international airport serving the country’s capital Seoul. Paradise City is a joint venture project between the South Korean casino operator and Japanese pachinko operator Sega Sammy Holdings Inc.

The scheme broke ground in 2014 and is scheduled to open in April 2017, Paradise Co announced in June.

Paradise Co reported profit of approximately KRW10.46 billion for the three months to September 30, down 14.8 percent from the prior-year period.