South Korea’s foreigner-only casino operator Paradise Co Ltd. is back on its feet after its casino revenues accelerated by as much as 25.2 percent in May.
In a disclosure to the Korean Stock Exchange, Paradise Co. announced that its May casino revenue grew to KRW51.96 billion (US$48.5 million) from KRW41.51 billion ($38.63 million) in May last year.
The casino operator managed to recover from a minor financial slip, with casino revenues surging 36.0 percent last month from April 2018.
The company attributed the higher May results to robust table revenue, which grew 22 percent to KRW47.53 billion ($44.23 million). Machine revenue grew 74.6 percent to KRW4.43 billion ($4.12 million) last month, according to the casino operator.
The tally brought Paradise Co.’s total casino revenue for the first five months of 2018 to KRW238.83 billion ($222.26 million), 16.6 percent higher than the same period last year.
Table revenue during the January to May 31 period rose by as much as 5.8 percent to KRW220.89 billion ($205.56 million) year-on-year. Machine revenue climbed 28.2 percent to nearly KRW17.95 billion ($16.7 million). Table drop, or the amount of cash that the customers exchange for chips at the table, surged by 17.9 percent to KRW2.29 trillion ($2.13 billion).
The 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.
Last month, Paradise announced that its net income for the three months ending March 31 dropped to KRW3.10 billion (US$2.88 million) from KRW5.01 billion ($4.68 million) in the same period last year. It was the fifth consecutive quarter that the casino operator’s net income dropped since the first quarter of 2017.
