In the 12 months ending December 31, 2016, casino revenue of South Korean operator Paradise Co Ltd (034230.KQ) increased by 6.2 percent to KRW603.1bn (US $509m), compared to KRW567.88 billion for full-year 2015, according to figures released last week to the Korea Exchange.
South Korea’s largest foreigners-only casino operator reported table game revenue at KRW567.7bn, an increase of 7.2 percent, while slot revenue was reported at KRW36bn, a 7.3 percent decrease. Four of the country’s 17 casinos, including Jeju Grand on Jeju Island, Walkerhill in Seoul, Incheon Casino at Incheon, and Busan Casino in Busan, are operated by Paradise.
In 2015, revenue had taken a 14.7 percent dive from 2014’d figures. However, with December 2016 casino revenue at KRW 43.7b, Paradise ended the year in the black.
Next year also promises to be a big one for Paradise, with the launch of Paradise City, the country’s first integrated resort (IR). The co-venture with pachinko operator Sega Sammy Holdings Inc. broke ground in November 2014 near Incheon’s international airport and is slated to open in April.
Phil-Lip Chun, Chairman/CEO at Paradise Co Ltd, said Paradise City “will be a milestone in the tourism industry of Korea. Now, we have an opportunity to move beyond a second advance and become a global player. To be prepared for such possibility, we are promoting innovation of corporate management to break out of the old paradigm and practices across the business structure, business methods, and corporate culture. With a vision of becoming Korea’s representative IR (Integrated Resort) by 2020 through such efforts, all executives and employees of Paradise Group including myself share the same dream of shaping the future through innovation with sweeping change,” according to the G3Newswire report.