Paradise Co. Sees 20% Revenue Rise in H1 2024

Paradise Co. Reports 20% Revenue Increase in First Half of 2024

Paradise Co., a South Korean operator of casinos exclusively for foreigners, saw its gaming revenue rise by 20% in the first half of 2024. Casino revenue from January to June totaled KRW423.06 billion ($306.56 million), marking a 20.5% increase from KRW350.97 billion ($254.33 million) in the same period last year. The company operates foreigner-only casinos including Walker-Hill, Jeju, Incheon Paradise City, and Busan Casino.

Revenue from table games increased by 20.7% to KRW397.14 billion ($287.08 million), up from KRW328.94 billion ($238.36 million) in the first half of 2023. Gaming machine revenue also grew by 17.7%, reaching KRW25.92 billion ($18.78 million) compared to KRW22.03 billion ($15.97 million) last year.

Despite a positive trend for the first half of the year, Paradise reported a significant decline in gaming revenue compared to the previous month and June 2023. Casino revenue for June 2024 was KRW57.11 billion ($41.38 million), down 25% from the previous month and 39.3% from June 2023’s KRW94.12 billion ($68.23 million). Table games revenue fell by 25.7% month-on-month to KRW53.52 billion ($38.77 million) and by 40.4% year-on-year. Machine game revenue decreased by 12.7% month-on-month to KRW3.59 billion ($2.60 million) and by 15.8% year-on-year.

The total table drop for June 2024 was KRW531.84 billion ($385.41 million), a slight decrease of 0.2% from June 2023. Cumulatively, the table drop for the first half of 2024 reached KRW3.43 trillion ($2.49 billion), up 20.9% from KRW2.84 trillion ($2.06 billion) in the same period last year.

Looking ahead, Paradise Co. forecasts a sales volume of $952 million by 2026, supported by plans to develop a new all-suite flagship hotel in Seoul aimed at attracting more international high-rollers to its properties.

Original Story by: AGB