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.

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