Paradise Co reaps $50M revenue in November

TAGs: paradise co ltd, South Korea

South Korea’s foreigner-only casino operator Paradise Co. Ltd. posted revenue of KRW54.78 billion (US$50.6 million) in November on the back of a vibrant slot machine segment.

Paradise Co reaps $50M revenue in NovemberIn a disclosure to the Korea Exchange on Tuesday, Paradise said its casino revenue grew 3.9 percent in November 2017 from KRW52.73 billion ($48.51 million) in the same month last year.

Paradise’s slots segment fueled the gains, surging by 36.8 percent to KRW3.47 billion ($3.19 million) from KRW2.54 billion ($2.34 million). Table revenue had more modest gains, growing 2.2 percent to nearly KRW51.31 billion ($47.2 million) from nearly KRW50.19 billion ($46.17 million) a year earlier.

Paradise did not provide any commentary on the year-on-year revenue fluctuations.

The revenue results were collated from Paradise’s four foreigners-only casinos: Walkerhill in Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City in Incheon, near the main international airport serving Seoul.

The November figures weren’t enough to pull the casino operator’s aggregate revenue into the positive territory. During the January to November 2017 period, Paradise’s revenue was down 9.1 percent to approximately KRW508.27 billion ($467.6 million).

Year-to-date lots revenue was up 3.7 percent to KRW33.86 billion ($31.15 million) while table revenue dropped 9.9 percent to KRW474.41 billion ($436.46 million).

Meanwhile, table drop during the January to November 2017 period climbed 5.2 percent to over KRW4.65 trillion ($4.28 billion).

Last month, Paradise Co. announced that its financial losing streak continued in the third quarter with net profit plunging 86.5 percent to KRW1.4 billion ($1.26 million) from KRW10.45 billion ($9.39 million) last year.


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