South Korea’s foreigner-only casino sector reported mixed signals in March, as Paradise Co posted a sharp decline in revenue despite an increase in table activity. The company’s latest financial update showed a steep drop in casino sales, even as customer spending at tables rose during the same period.

Paradise Co recorded casino revenue of KRW49.5 billion (US$32.8 million) in March. This represented a 39.6% decrease compared to the same month last year and a 44.0% decline from February. The company did not provide an explanation for the downturn in its monthly disclosure.

Revenue Falls While Player Spending Rises

Although revenue declined, the volume of money exchanged for gaming chips moved in the opposite direction. Table drop for March reached KRW587.7 billion (US$389 million), marking a 9.7% increase from the previous month. Compared with the same period last year, this figure remained largely unchanged.

The contrast between rising table drop and falling revenue suggests a shift in gaming outcomes rather than reduced customer activity. Table games continued to dominate the company’s performance, contributing KRW44.0 billion (US$29.1 million) in March. However, this segment recorded a 43.4% year-on-year decrease and a 47.5% decline from February.

Machine gaming provided a different result. Revenue from slot and machine play increased by 33.1% year-on-year to KRW5.42 billion (US$3.6 million), offering limited offset against the broader decline in table game earnings.

Paradise Co operates three casinos located in Seoul, Busan, and Jeju. It also holds a 55% stake in the Paradise City integrated resort in Incheon, which is run in partnership with Japan’s Sega Sammy Holdings.

Despite the weak March results, the company’s overall performance for the first quarter remained slightly positive. Combined casino revenue for January through March reached KRW229.7 billion (US$152 million), representing a 1.8% increase compared to the same period last year.

Table game revenue for the quarter rose by 1.0% to KRW214.7 billion (US$142 million), while machine revenue grew more strongly, increasing by 23.6% to KRW14.9 billion (US$9.9 million). Table drop for the quarter also showed growth, climbing 3.6% to KRW1.76 trillion (US$1.17 billion).

These figures indicate that while monthly volatility affected March results, overall activity across the quarter remained stable.

Industry-Wide Declines Extend Beyond Paradise Co

Paradise Co was not the only operator to report weaker March results. Grand Korea Leisure (GKL), another major foreigner-only casino operator in South Korea, also recorded declines across key metrics.

As Inside Asian Gaming reports, GKL reported casino sales of KRW31.98 billion in March, down 16.0% from February and 22.8% lower than the same month last year. Table game revenue followed a similar trend, falling 18.2% sequentially and 26.0% year-on-year to KRW28.44 billion.

At the same time, GKL’s table drop rose significantly. The company reported a monthly drop figure of KRW339.30 billion, which increased by 18.8% from February and 13.5% compared to March of the previous year.

GKL operates three foreigner-only casinos under the Seven Luck brand, with two locations in Seoul and one in Busan. The company operates as a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports and Tourism.

For the first quarter, GKL reported total casino sales of KRW106.65 billion, representing a 1.5% decline year-on-year. However, its aggregate table drop rose 12.6% to KRW931.03 billion.

The March data highlights a pattern across South Korea’s foreigner-only casino sector. Operators experienced rising player spending alongside declining revenue, particularly in table games. This divergence suggests that outcomes at the tables played a significant role in monthly performance.

While machine gaming continues to show growth, it remains a smaller component of overall revenue. Table games continue to drive results for both Paradise Co and GKL, making fluctuations in this segment more visible in overall financial performance.

Quarterly figures indicate that broader activity levels have not declined sharply, even as monthly results show volatility. The combination of higher table drop and lower revenue reflects a complex operating environment for casino operators in the region.