Korea’s Paradise Co saw its casino revenue surge by 42.7% year-on-year to KRW73.63 billion in September, continuing a run of six consecutive months of revenue growth.
September’s results, which represented a 6.6% increase over August revenue, were driven by table games which saw year-on-year growth of 45.1% to KRW69.66 billion, with slot machine revenue up 10.7% to KRW3.97 million.
While Paradise didn’t provide any explanation for the substantial improvement, the company appears to have played lucky with table drop having risen by only 8.1% over September 2018. Compared with August’s results, table drop declined by 15.1%.
For the first nine months of 2019, revenue at the company’s four casinos – Paradise Walker-hill, Jeju Grand, Busan Casino and Paradise City – increased 23.5% to KRW567.88 billion with table drop up 23.3% to KRW5.18 trillion.
JP Morgan analysts recently predicted that Paradise City, the company’s flagship integrated resort in Incheon, would turn profitable in 3Q19 after reporting a loss of KRW5 billion (US$4.1 million) in the second quarter, citing lower expenses and ongoing ramp of the property, which opened in April 2017.
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