South Korea’s Paradise posts 34% revenue jump in September
The only international casino operator in South Korea Paradise Ltd has closed the summer in positive numbers, posting 34% revenue increases in September.
According to the firm’s filing on the Korea Exchange, gaming revenues grew at 34%, rising to approximately KRW54.70bn (US$48m), compared to KRW40.78bn generated in the same period last year.
Table games experienced the greater positive rates at the Paradise venues, with revenues up almost 38% to nearly KRW52.09bn, from nearly KRW37.77bn in September 2016.
However, there was a 13% drop in slots machines, down to KRW2.61bn, from just over KRW3.01bn in the same period a year prior.
Nonetheless, this double-digit growth rate wasn’t enough to overcome Paradise’s poor performance for the first nine months of 2017. The foreign casino operator reported that its aggregate revenue was down 12% year-on-year basis. Table revenue from the January-September period has dropped over 12% while machine revenue came up flat, with a slight increase of 0.6%.
Despite being the only foreign operator in the country, Paradise Co has four casino venues across South Korea. These figures are based on the results from 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.
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