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NEWS 7 December 2017

November proves to be a more encouraging month for Paradise Co

By Caroline Watson
Casino revenue at South Korea’s foreigner-only casino operator, Paradise Co, announced a 3.9% year-on-year increase in casino revenue during the month of November.

The results saw casino revenue rise to $50.6m from $48.51m in the same month a year prior.

The operator saw revenue increases both in the table and the machine segment, fuelling the positive results. The first went from $46.1m to $47.2m, increasing a 2.2%, while machine revenue jumped 36.8% from last year’s $2.33m and reached nearly $3.2m.

Nonetheless, the company’s aggregate casino revenue fell 9.1% to $467.7m for the first 11 months of 2017, as well as its table revenue, which dropped 9.9% year-on-year. Machine revenue, on the other hand, was up 3.7% to $31.1m and table drop jumped 5.2% to $4.2bn.

Although the results for November were generally encouraging, the bigger picture still looks somewhat bleak.

Last month, the company announced that its financial losing streak continued on into the third quarter, with net profit dropping a substantial 86.5% to $1.26m from $9.38m during the same period in 2016.

The company operates four casinos that only admit foreigners and tourists around South Korea, in Seoul, Jeju Island, Busan and Incheon.
RELATED TAGS: Land-Based | Industry | Financial | Casino
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