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Paradise Co sees casino revenues fall by 31.5% month-on-month in March

April 3, 2024 South Korea Casino & HotelIndustry Updates

The top foreign-only casino operator in South Korea, Paradise Co., had a sharp decline in casino earnings in March, with monthly sales of KRW55.0 billion, or 31.5%, less than in February.

Sales from table games decreased by 32.8% to KRW50.9 billion (US$37.7 million) despite a 5.3% increase in table drop from February to KRW595.3 billion (US$441 million). Meanwhile, machine revenue decreased by 10.2% to KRW4.06 billion (US$3.0 million).

However, compared to the same period in 2023, when sales were KRW41.9 billion (US$31.0 million), casino revenues in March 2024 climbed by 31.3%.

Consolidated casino revenues during the first quarter of 2024 were KRW208.8 billion (US$155 million), up 55.4% year over year. Table drop rose by 36.8% annually throughout this period to reach KRW1.73 trillion ($1.28 billion).

Operating four casinos in South Korea, Paradise Co. is projected to earn a profit in 2023 of KRW84.7 billion (US$63.6 million). These include casinos in Seoul, Busan, and Jeju, as well as the integrated resort Paradise City in Incheon, which is a joint venture with Sega Sammy of Japan.

Original story by: IAG

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