Paradise Co posts casino revenue of US$41.1m for June

For the first six months of the year, casino revenue was KRW423.06bn (US$30.37bn).
For the first six months of the year, casino revenue was KRW423.06bn (US$30.37bn).

Casino revenue was down 25 per cent sequentially and down 39.3 per cent in year-on-year terms.

South Korea.- Paradise Co has reported revenue of KRW57.11bn (US$41.1m) for June. That’s a decline of 25 per cent month-on-month and 39.3 per cent year-on-year.

Table-game sales were KRW53.52bn (US$3.84bn), representing 93.7 per cent of all June casino sales. Machine game sales were KRW3.59bn (US$0.26bn). The table drop was KRW531.84bn (US$38.22bn), down 12.2 per cent when compared to the previous month and down 0.2 per cent in year-on-year terms.

Paradise Co operates four casino venues: 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 six months of the year, revenue was KRW423.06bn (US$30.37bn), up 20.5 per cent year-on-year. 

The casino drop for the first half of the year was just over KRW3.43tn (US$246.5bn), up 20.9 per cent year-on-year.

Earlier this week, Choi Jong-hwan, Paradise Co’s chief executive, announced on Tuesday (July 2) that a new space specifically for high-rollers will open at the Paradise Casino Walkerhill in Seoul in September. The new area will span approximately 383 square meters (4,123 square feet).

Paradise Co is also set to integrate the operating systems of its four casinos. This aims to enhance marketing efforts by leveraging an existing customer base of 1.07 million. Meanwhile, the company will open its own customer lounge at Gimpo International Airport in Seoul this August.

To attract more Chinese tourists, Paradise Co also plans to develop various travel products and host cultural events, including those focused on South Korean popular music, television dramas, and fashion, which have a strong following in East Asia.

The casino operator also announced plans to begin construction on a new hotel in the Jangchung neighbourhood of eastern Seoul this year, with a target opening date in 2028. The 18-floor hotel will feature approximately 200 suites and five basement levels, offering premium services for foreign VIPs and will cover 13,950 square meters.

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