South Korean casino operator Paradise Company Limited has released its financial results for February showing that gaming revenues from its five foreigner-only venues had increased by 13.5% year-on-year to reach nearly $36.9 million.
The Asian nation’s largest gambling firm, Paradise Company Limited is responsible for establishments in the cities of Busan, Seogwipo-Si, Incheon, Jeju and Seoul while it is also preparing to open the first phase of its $1.7 billion Paradise City integrated casino resort on Yeongjong Island from April featuring some 350 slots along with 160 live gambling tables.
Seoul-listed Paradise Company Limited revealed that its gaming revenues for February represented a 3.4 % decline month-on-month compared with the just over $38.41 million it brought during January while explaining that combined table takings for the first two months of 2017 had so far slipped by 8.2% year-on-year to stand at almost $70.5 million.
The company reported that February table games revenues came in at approximately $34.8 million, which was an increase of 14.7% year-on-year but a 2.7% decline month-on-month and had accounted for 93.9% of all takings. In terms of gaming machines, takings for the month dropped by 1.4% when compared with the same period in 2016 and 12.8% in comparison with January to around $2.2 million.
The Seoul-based operator further announced that gaming table drop, which is the amount of cash exchanged by customers for chips, for the second month of 2017 had decreased by 7.5% year-on-year and 10.9% month-on-month to just over $330.9 million while the combined tally for January and February had so far declined by 2.4% when set against 2016 to about $702.3 million.
Regarding aggregated January and February revenues, the South Korean company detailed that takings had deteriorated by 7.7% year-on-year to come in at approximately $75.4 million.
Earlier this month, local brokerage firm Shinhan Investment Corporation predicted that the opening of the initial stage of Paradise City, which is being developed near Incheon in partnership with Japanese pachinko operator Sega Sammy Holdings Incorporated, would negatively impact profits at Paradise Company Limited before later helping the operator to significantly boost its overall revenues and income.