Paradise Co revenue up 89.3% in August

The South Korean casino has reported that revenue was up 89.3 per cent month-on-month at KRW50.76bn (US$37.3m).

South Korea.- Paradise Co has shared its financial results for August. Revenue reached KRW50.76bn (US$37.3m), up 89.3 per cent month-on-month but down 15 per cent when compared to last year.

Table-game sales increased 97.5 per cent sequentially but declined 16.6 per cent year-on-year to KRW48.10bn. Machine-game sales were KRW2.66bn, up 8.4 per cent month-on-month and 33.4 per cent year-on-year.

The table drop rose 8.8 per cent year-on-year to KRW1.31tn. On year-on-year terms, the figure was up 63.9 per cent. The aggregate table drop for the year to July 31 was down 4.2 per cent year-on-year at KRW975.23bn.

The month-on-month improvements coincided with South Korea’s easing of entry formalities for visitors from certain places. In August, authorities announced that visitors with travel documents issued by Japan, Taiwan or Macau can enter visa-free. Travellers must apply online for permission to enter through the Korea Electronic Travel Authorization website at least 72 hours before their return flight.

Previous to that, in June, the country resumed issuing short-term tourist visas for individual tourists and tour groups after inbound tourism was halted at the height of the Covid-19 epidemic.

During the first eight months of 2022, Paradise Co’s cumulative casino revenue was KRW178.56bn, down 0.3 per cent from last year. For the first half of the year, the casino operator posted revenue of KRW101.23bn (US$77.91m), a decline of 10.1 per cent when compared to last year.