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Paradise Co Ltd’s revenue drops 2.4 percent month-over-month in September

October 5, 2023 South Korea Casino & Hotel

With total income of roughly KRW 75.12 billion (US$55.6 million), Paradise Co Ltd, a South Korean casino operator that solely welcomes foreigners, reported a 2.4 percent month-over-month decline in casino revenue in September. Revenue, however, increased by 94.2 percent when compared to the same time the year before.

Although the income from table games for the month decreased by 2.5 percent sequentially to just under KRW 70.74 billion, it increased by 99.4 percent yearly. Revenue from machine games fell by 1.2 percent in September compared to August but increased by 36.6 percent over the same period last year, totaling KRW 4.39 billion.

Four casinos are used to calculate Paradise Co’s casino statistics: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan, and Paradise City in Incheon, which is close to Seoul’s major international airport. Paradise Co. announced total casino income of roughly KRW 565.90 billion for the first nine months of 2023, a rise of 160.8 percent over the same period in the previous year.

Grand Korea Leisure Co Ltd (GKL), a rival casino operator that caters only to visitors from outside, also saw a little dip in casino revenues in September, falling 0.2 percent month over month to around KRW 33.32 billion. On the other hand, sales rose 31.4% year over year.

Table game sales for the month were around KRW 30.12 billion, down 0.2 percent from the prior month but up 33.5 percent from the year before. Sales of video games on machines were KRW 3.20 billion, down 0.2% from August but up 14.8% from the year before.

Grand Korea Leisure announced total casino revenues of KRW 305.87 billion for the nine months that ended on September 30; this represents an increase of 78.2 percent from the prior year.

Three casinos in Seoul and Busan that are open solely to foreigners are run by Grand Korea Leisure under the Seven Luck name. The Korea Tourism Organisation, which is connected to the Ministry of Culture, Sports, and Tourism, controls this subsidiary.