Paradise Co. Casino Revenue Up 19% in September

South Korean hotel and casino operator Paradise Co., Ltd. generated casino revenue of KRW41.6 billion in September, up 19% year-on-year, the company itself said in a Wednesday filing to the Korea Exchange. On a month-over-month basis, casino revenue decreased 28.2% compared to the results posted for August.

Paradise attributed the year-on-year growth mainly to the performance of its Walkerhill, Incheon Casino, Jeju Grand, and Busan Casino properties.

As stated in the Wednesday filing, revenue from table games amounted to KRW38.6 billion, reflecting a 21.7% increase from what was generated during the same month of the previous year. However, revenue was down 30.4% on a month-over-month basis. Table drop for September increased 4.7% year-on-year to reach KRW389.6 billion. Generally speaking, table drop is the amount of cash exchanged by players for chips so as to be able to play at Paradise’s casinos.

Revenue from slot machines totaled KRW3 billion last month, down 7.8% from September 2015 and up 23.5% from August.

Paradise’s properties generated a total of KRW453.5 billion in casino revenue during the nine months ended September 30, up 10.4% compared to the prior-year period. Overall table games revenue for the reviewed nine months totaled KRW426.7 billion, reflecting an 11.7% rise from the same nine months of the previous year. Revenue from slot machines amounted to KRW26.8 billion, down 6.7% from the first three quarters of 2015. Table drop for the nine months ended September 30, 2016 totaled KRW3.6 trillion, up 2.1% as compared to the cash exchanged during the prior-year period.

Based in South Korea, Paradise operates in three main segments. The company manages a number of casino properties in its home country as well as in Kenya, with some of those being Paradise Casino Incheon, Paradise Casino Jeju Grand, Paradise Casino Busan, Paradise Safari Park Casino, and others. All those offer a wide variety of casino options. Aside from them, the company also runs a number of hotel properties, with some of those being joined together with the gambling facilities. The third segment Paradise operates in includes the provision of spa services. Founded in 1972, the company has established itself as a leader in its field.

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