Paradise Co., a prominent foreigner-only casino operator in South Korea, experienced a notable decrease in casino revenues for March 2024 compared to the previous month. Despite an increase in table drop, the company faced a decline in both table game and machine revenues. However, when compared to the same period last year, the overall revenue showed improvement.
Monthly Performance Overview
In March 2024, Paradise Co. recorded casino revenues of KRW55.0 billion (US$40.7 million), marking a 31.5% decrease from the preceding month. Notably, the total table drop surged by 5.3% to KRW595.3 billion (US$441 million) compared to February. Despite this uptick in table drop, table game revenues declined by 32.8% to KRW50.9 billion (US$37.7 million), while machine revenues fell by 10.2% to KRW4.06 billion (US$3.0 million).
Year-on-Year Comparison
On a positive note, March 2024’s casino revenues were 31.3% higher than those of March 2023, indicating an annual improvement in performance. Last year’s March revenues stood at KRW41.9 billion (US$31.0 million), reflecting substantial growth in the past year.
Performance in First Quarter of 2024
Looking at the cumulative data for the first three months of 2024, Paradise Co. has shown significant progress. Casino revenues surged by 55.4% year-on-year, totaling KRW208.8 billion (US$155 million). Concurrently, the table drop increased by 36.8% year-on-year to KRW1.73 trillion (US$1.28 billion), highlighting sustained growth over the period.
Company Background and Operations
Paradise Co. operates four casinos across South Korea, including the integrated resort Paradise City in Incheon, a strategic joint venture with Japan’s Sega Sammy. Additionally, the company manages casinos in Seoul, Busan, and Jeju. In 2023, Paradise Co. reported a substantial net profit of KRW84.7 billion (US$63.6 million), underscoring its position as a key player in the regional casino industry.
Despite the monthly dip in casino revenues, Paradise Co.’s overall performance remains robust, with substantial year-on-year growth observed in both revenue and table drop metrics. The company’s strategic partnerships and diversified casino portfolio position it well for continued success in the dynamic Asian gaming market.