Paradise Co announced revenue fall

The South Korean company said that casino revenue fell 8.4 percent year-on-year on August.

South Korea.- Paradise Co Ltd announced during a filing to the Korea Exchange last week that the foreigner-only casino experienced a revenue fall of 8.4 percent to US$6.7 billion, less than the US$7.4 billion registered a year before.

Table game revenue during August operations also fell 11.7 percent to US$6.2 billion, almost half of what it registered in August 2016. Moreover, for the first time in eight months of this year the company’s aggregate casino revenue decreased 16.4 percent from a year ago to US$44 billion. The company is yet to address the year-on-year revenue alteration. The figures are based on the results of the four casinos that the company operates in the country, all foreigner-only: Walkerhill in Seoul, Busan Casino on Busan, Jeju Grand on Jeju Island and Paradise City, in Incheon.

Back in July, Paradise Co also reported that during the first six months of the year, the company perceived a 20.7 percent drop in its financial results. As the Asian casino market is growing with the Philippine, Chinese and Japanese expansion, among others, South Korean activities could be jeopardised by the competition. Paradise Co revealed that its fours casinos generated US$210.3 million in the first half of 2017, which represents negative perspective compared to 2016’s reports. Whilst table games fell 21.6 percent year-on-year, slot machines sales announced a slight drop of 5.4 percent on the same period.