Korean foreigner-only casino operators Grand Korea Leisure and Paradise Co enjoyed contrasting fortunes in June, with GKL seeing its casino revenue climb significantly while Paradise fell sharply away. Neither company provided any reasons for their June results in separate filings to the Korea Exchange.
GKL, which operates a total of three casinos in Seoul and Busan, reported casino sales of KRW37.0 billion (US$26.7 million) in June, up 25.7% over May and by a similar amount year-on-year. This included a 28.6% sequential increase in table game sales to KRW34.2 billion (US$24.6 million) while slots fell away by 2.0% to KRW2.78 billion (US$2.0 million).
Drop amount was down 8.9% month-on-month to KRW296.3 billion (US$213 million).
For the first six months of 2024, GKL’s casino sales are down 7.4% year-on-year to KRW192.6 billion (US$139 million) of which table games have contributed KRW175.3 billion (US$126 million).
At Paradise, which operates integrated resort Paradise City in Incheon plus casinos Paradise Walkerhill in Seoul, Casino Paradise in Busan and Paradise Casino Jeju Grand on Jeju Island, saw its casino revenue drop by 25.0% month-on-month and 39.3% year-on-year to KRW57.1 billion (US$41.1 million).
Table games were down 25.7% sequentially to KRW53.5 billion (US$38.5 million) and slots by 12.7% to KRW3.59 billion (US$2.6 million).
Drop was down 12.2% to KRW531.8 billion (US$383 million).
For the first six months of 2024 combined, Paradise reported casino revenue of KRW423.1 billion (US$305 million), up 20.5% year-on-year.
