Paradise Co Ltd reports 6% decline in casino revenue for November

The casino revenue of Paradise Co Ltd, a South Korean company that runs gaming establishments exclusively for foreigners, was around KRW56.59 billion (US$43.3 million) in November, a 6.2% decrease from the same month the previous year. However, from KRW39.35 billion at the same period in 2022 to this amount in November, there was a year-over-year growth of 43.8 percent.

November’s revenue from table games was around KRW52.11 billion, down 7.8 percent from the previous month but up 46.1 percent from November 2022. The month’s revenue from machine games was KRW4.48 billion, up 21.6 percent from November 2022 and 17.7% from October.

The corporation did not provide a thorough explanation of the reasons for the variations in revenue in its monthly statement.

With the results of November, Paradise Co.’s casino revenue for the calendar year reached over KRW681.38 billion, a noteworthy increase of 125.0 percent over the same month in 2022.

November saw a 1.3 percent sequential increase in the amount of cash exchanged for chips at gaming tables, totaling KRW545.52 billion, or 48.6 percent more than the same month last year. In the 11 months that concluded on November 30, Paradise Co.’s table drop exceeded KRW5.59 trillion, signifying a 131.6 percent year-over-year rise.

Four venues’ performances are used to calculate the figures for Paradise Co.’s casino business division: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan, and Paradise City in Incheon. Thanks to further advancements in Chinese VIP play and the support of Japanese VIP and mass gaming patrons, the company’s gross gaming income was able to return to pre-COVID-19 levels in the third quarter.

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Original story by: GGRAsia