The good news keeps on coming for South Korean operator Paradise Co Ltd. They have reported revenues have increased by 28.5% in February, or approximately KRW55.83 billion (US$49.6 million) compared to the same month in February 2018, according to GGRAsia.
This increase reflected better revenues across the board. Table revenues increased 28.8%, and machine games brought in an additional 24.5% as well.
The operator runs four casinos in South Korea, all accepting only foreigners. Their locations include Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in Busan and the Paradise City in Incheon, a short drive from Seoul.
This adds to a strong January, and as a whole, Paradise Co is up 15.2% for the first two months of the year.
This is great news for the operator, who struggled in 2018 and reported losses of $15.16 million in Q4, and a loss overall for the year That deficit was largely due to increased operational costs. These large increases in revenue could very well help make up that gap.
Considering they can only depend on tourism for their customer base, Paradise Co needs to do whatever they can to bring in additional foreign customers if they want to continue having a solid year. They’ve already started on that strategy, signing a deal with the Suncity Group to bring in mid-market Chinese tourists.
Last month’s increase in revenue isn’t attributed to any specific cause, but it could be due to continued Japanese VIP play, which first helped correct their slumping numbers in the summer of 2018. That, combined with the expansion of their Paradise City Casino, has led to stronger numbers ever since they expanded non-gaming amenities in September 2018.
If Paradise can bring in additional Chinese tourism, while maintaining a high level of VIP play, either from China or Japan, 2019 looks like it could be a record smashing year. Considering their competition also appears to be struggling as they are ascending, it doesn’t look like much is in Paradise Co’s way to that success.