Paradise Co. Sees 6 Percent Boost in ’16

Sat, Jan 14, 2017

Gaming revenues at South Korean casino operator Paradise Co. Ltd. rose more than 6 percent in 2016. The company posted revenues of KRW603.13 billion (US$505.9 million) compared to KRW567.88 billion in 2015.

Now building fifth South Korean casino

South Korean casino company Paradise Co. Ltd. saw a boost in overall gaming revenues of 6.2 percent for 2016, the firm reported in a filing to the Korea Stock Exchange.

GGRAsia reports that the growth was based on a 7.2 percent rise in table game revenue to KRW567.67 billion. Slot revenue fell 7.3 percent to approximately KRW35.94 billion for the year, and table drop registered at KRW4.83 trillion, up by 3.1 percent year-on-year.

Paradise Co. operates four foreigner-only casinos in South Korea. They include Walkerhill in Seoul; Incheon Casino; Busan Casino; and the Jeju Grand. The company is now developing a fifth gaming hall, also in Incheon, near the international airport. Paradise City, a joint venture project with Japanese pachinko operator Sega Sammy Holdings Inc., is expected to open in April.

The company’s casino revenues for the month of December rose 10.3 percent year-on-year to KRW43.74 billion. Paradise posted profits of about KRW10.46 billion for the three months to September 30, down 14.8 percent from 2015.

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