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South Korea’s Paradise Casino 1H revenue down 21%

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Paradise
h Korean casino operator Paradise Co saw its casino revenue drop by 20.7% in year-on-year terms during the first six months of 2017.

In a filing to the Korea Exchange on Wednesday, the company reported casino revenue of approximately KRW241.7bn (US$209.4m) compared to the KRW304.7bn reported for 1H 2016.

Table game sales in the period fell by 21.6% year-on-year to approximately KRW224.8bn, from nearly KRW286.8bn in the prior-year period. Machine game sales went down by 5.4% to just over KRW16.9bn.

Following on from May 2017’s 30% year-on-year decrease in reported revenue, 1H casino revenue fell by 27.6% to KRW 36.9bn.

Commentators have pointed to the impact of the diplomatic row between China and South Korea over the latter’s installation of a US-supplied missile system, and indeed, the bad luck does not appear to be running out for the South Korean casino operator.

Paradise Co operates four foreigner-only casinos: Walkerhill in Seoul; Juju Grand on Jeju Island; Busan Casino in Busan, and Paradise City in Incheon.


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