Korea’s Paradise Co runs bad in July as casino revenue plummets by 32%
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Korea’s leading foreigner-only casino operator Paradise Co lost some recently gained momentum in July, with casino revenue plummeting by 32.4% month-on-month to KRW63.5 billion (US$49.0 million).
Both tables and slots were down, with table game revenue declining by 33.5% to KRW59.7 billion (US$46.0 million) and slots by 9.7% to KRW3.85 billion (US$3.0 million) – although the company did appear to play unlucky. While casino revenue was down, table drop was basically flat compared with June at KRW529.9 billion (US$409 million).
Despite the July result, casino revenue for the first seven months of 2023 combined remain 224% higher than during the same period last year at KRW414.4 billion (US$320 million). Table drop through June was also up by 246% to KRW3.37 trillion (US$2.60 billion).
Paradise Co operates the Paradise City integrated resort in Incheon plus casinos in Seoul, Busan and Jeju.
The company is due to release its financial results for 2Q23 in the coming week, with analysts tipping it to achieve record revenue and profits – boosted by pent-up demand and the return of Japanese and Chinese players.
