Paradise Co Ltd, an operator in South Korea of foreigner-only gaming venues, reported casino revenue of nearly KRW56.59 billion (US$43.3 million) for November, down 6.2 percent sequentially, according to a Friday filing to the Korea Exchange.
The November casino revenue tally was up 43.8 percent from a year ago, when Paradise Co’s casino revenue stood at KRW39.35 billion.
This November’s table game revenue was approximately KRW52.11 billion, down 7.8 percent from October, but up 46.1 percent from a year ago. Machine game revenue last month was KRW4.48 billion, up 17.7 percent from October, and a 21.6-percent increase from November 2022.
No commentary on the reasons for revenue fluctuations is given in the company’s monthly updates.
The November result took Paradise Co’s calendar-year casino revenue to nearly KRW681.38 billion, up 125.0 percent on the same period in 2022.
November’s table drop – the amount of cash exchanged by customers for chips at gaming tables – rose by 1.3 percent sequentially, to KRW545.52 billion. Such drop was up 48.6 percent year-on-year.
For the 11 months to November 30, Paradise Co’s table drop was just above KRW5.59 trillion, a rise of 131.6 percent year-on-year.
Paradise Co’s latest casino figures are based on the results of four venues it operates in its casino business division. They are: Walkerhill in Seoul; Jeju Grand on Jeju Island; Busan Casino in the southern port city of Busan; and Paradise City, in Incheon, near the main international airport serving the country’s capital Seoul.
The South Korean casino operator saw its gross gaming revenue recover to pre-Covid-19 levels in the third-quarter, supported by Japanese VIP and mass gaming clients, and further recovery in Chinese VIP play, suggested JP Morgan Securities (Asia Pacific) Ltd in a memo issued in early November.