Paradise Co sees 7.2 percent increase in casino sales in Nov

Paradise Co Ltd. has reported an increase in casinos sales for the month of November, up 7.2 percent year-on-year to KRW53.91 billion (US$46.1 million) according to the company’s filing to the Korea Exchange.

The sales compared to KRW50.30 billion in November 2015.

Table game sales in the month rose 10.2 percent year-on-year to KRW51.38 billion while machine game sales fell 30.9 percent to KRW2.54 billion in the month.

Last month, the South Korean casino operator said it had decided to postpone the issuance of its three-year bonds “due to increased volatility in the financial market at home and abroad,” only a week after it  submitted an application with financial authorities to sell KRW 100 billion ($85.1 million) worth of three-year bonds, in its first ever bond sale.

However, a hike in borrowing rates saw the company postpone its sale until market conditions improve.

According to Pulse News Korea, an unnamed official from the investment bank industry said the company may have made the decision to avoid adverse effects in case it fails to raise enough funds.

The company had planned to use the proceeds of the bond sale to increase the capital of its subsidiary Paradise Segasammy Co. that manages casino business in Yeongjong Island in Incheon, Gyeonggi.

The casino operator reported a drop in profit for the third quarter of 2016, with profit for the quarter at KRW 10.5 billion, down 14.8 percent compared to KRW 12.3 billion in 15Q3.

More news from this jurisdiction

Hong Kong, South KoreaTuesday, Jan 17, 2017

Casino investor Landing International Development Ltd. is proposing to implement a ‘capital reorganization’, which will entail a capital reduction as well as a subdivision of the unissued share capital of the company.

South KoreaThursday, Jan 12, 2017

New Silkroad Culturaltainment Ltd has announced a name change for its casino at Jeju KAL Hotel, South Korea.

South KoreaWednesday, Jan 11, 2017

Hong Kong-listed Landing International Development Ltd has warned investors it expects to record an increase in net loss for the year ended December 31, 2016.

Japan, Vietnam, South KoreaThursday, Jan 05, 2017

Predictions for the 2017 Asian Gaming market could be precarious, but I speculate we will begin to see disruptive technologies migrate to the mainstream.

South KoreaThursday, Jan 05, 2017

South Korean casino operator Paradise Co. Ltd says casino revenue rose 6.2 percent in the full-year 2016, according to a filing from the firm to the Korea Exchange.

South KoreaWednesday, Jan 04, 2017

Hong Kong-listed Landing International Development has announced it is now the sole owner of the foreigner-only casino project in Jeju, South Korea.

South KoreaFriday, Dec 16, 2016

Landing International Development said its casino in the Hyatt Regency on South Korea’s Jeju Island has ranked first in the 2016 anti-money laundering assessment of 17 of the country’s casinos.