Paradise Co’s Casino Sales in July Reached $45 Million

Details: Category: Gambling Industry; Created: Saturday, 03 August 2024 15:00

Casino sales in July at casinos owned by Paradise Co Ltd improved by 7.3 percent to $45.17 million. The company operates foreigner-only casinos in South Korea. However, its year-over-year revenue decreased by 1.3 percent.

According to casino pay per head experts, revenues from table games in July totaled almost KRW57.58 billion, or over 93% of the casino's total monthly revenues. The remaining roughly 4.47 billion Korean won came from sales of machine games. The total amount wagered in July at casinos, in the form of chips for games, was about KRW542.18 billion, an increase of 1.9% from the previous month and 2.3% from the same month last year.

Separate data submitted to Paradise Co's website indicates that VIP gaming accounted for most of the July casino decline. The company's casino drop for VIP play was KRW420.82 billion in the month, while the mass play accounted for KRW121.35 billion.

Paradise Co’s Casino Sales in July

The July VIP drop from players in Japan, China, and other unnamed feeder markets remained relatively unchanged from July 2023. However, it was up roughly 2% from June. According to casino reviews and news sites, results from Paradise Co show that the mass drop in July was up 1.87 percent from the previous month and approximately 10.6 percent from the same month last year.

In July, VIP drop saw only one segment—Chinese VIP play—show a year-on-year increase.

With a 31.8% year-over-year increase, the Chinese VIP drop in July hit over KRW100.93 billion. Following the almost KRW223.82 billion logged by Japanese players, it was the second most significant factor in Paradise Co's July VIP dip.

Paradise Casinos in 2024

Paradise Co.'s casino drop for the first half of this year was roughly KRW3.98 trillion, an improvement of 18.0 percent compared to the same period last year.

Paradise Co. runs three properties directly: one in Busan, one on the island of Jeju, and Walkerhill in Seoul. In addition, it is involved in a joint venture with Sega Sammy Holdings Inc. of Japan for the Paradise City casino resort in Incheon, close to the main airport in South Korea.

The CEO of Paradise Co., Choi Jong-hwan, announced in July that the Paradise Casino Walkerhill in Seoul will launch a new area just for high rollers in September. The new space will be almost 4,123 square feet or 383 square meters.

As part of its strategy to better reach its 1.07 million customers, Paradise Co. plans to merge the software of its four casinos. The company will start a casino player lounge at Seoul's Gimpo International Airport this month.

Paradise Co Ltd started trading on the KOSPI on June 24. In its most recent filing, Paradise Co stated that it had obtained preliminary clearance from the country's stock market authority and had fulfilled all the prerequisites to transfer its shares to KOSPI.

According to the Korea Exchange, the main index for the South Korean stock market is KOSPI. Business service provider PwC says the KOSDAQ is intended to help entrepreneurs and SMEs finance more easily.

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