Gambling in South Korea: Paradise Co posts casino revenue of US$46.5m for September
Casino revenue was down 16.5 per cent in year-on-year terms.
South Korea.- Paradise Co has reported casino revenue of KRW61.6bn (US$46.5m) for September. That’s a decrease of 14.4 per cent month-on-month and 16.5 per cent year-on-year.
Table-game sales were down 14.8 per cent sequentially to KRW75.46bn (US$43.2m). The figure, however, was up 6.67 per cent in year-on-year terms. Machine game sales were KRW4.3bn (US$3.25m), down 8.9 per cent month-on-month and 2 per cent year-on-year. The table drop was KRW563.6bn (US$425m), down 15.66 per cent when compared to the previous month and 0.7 per cent in year-on-year terms.
Paradise Co operates four venues in its casino division: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City, near the primary international airport serving Seoul. For the first nine months of 2024, Paradise Co’s aggregate casino revenue reached KRW614.5bn (US$464m), up 8.8 per cent year-on-year. For January to September, the table drop was KRW5.21tn (US$3.93bn), up 15.5 per cent from last year.
Paradise Casino Walkerhill expansion: new high-roller area opens
A new space for high-rollers opened at the Paradise Casino Walkerhill in Seoul on September 14. The new venue is reserved for the top 1 per cent of patrons. The company describes it as having an elegant Art Deco design with seven private rooms, a lounge and a bar, offering “personalised high-end services and an elevated gaming experience.”
The casino’s first expansion in nine years increases its size by 17 per cent, from 3,934.60 to 4,587.26 square metres. There are now 112 table games and 213 machine games. The casino operator said it expects sales in the new VIP venue to reach KRW22bn (US$16.6m) in 2025 and KRW32bn (US$24.18m) in 2026. The company plans to open a new international lounge at Gimpo Airport this month.
Choi Jong-hwan, Paradise Co’s chief executive, said: “This expansion will bring us a critical opportunity to secure both physical infrastructure and high-roller customers, enabling us to gain significant competitive advantage as a leading casino operator.
“Paradise Group will continue to enhance VIP-exclusive facilities and service competitiveness across all locations, and we are committed to transforming into a smart casino by adopting new digital technologies, solidifying our position as a first mover in the market.”
