Foreigner-only casinos in South Korea – Paradise and Grand Korea Leisure – reported strong gains in December, boosting their full-year revenue for 2022.
According to reports filed with the Korean bourse, December casino revenues for Paradise increased by 60.7 percent yearly, tp KRW47.87 billion ($37.41 million), also a 21.6 percent monthly increase.
The drive was largely aimed by a 61 percent yearly increase in table games revenue, at KRW44.88 billion ($35.08 million), also a strong monthly uptick of 25.8 percent. Despite the table games increase, slots revenue was down by 19 percent monthly, despite seeing a 55.1 percent yearly increase, at KRW2.98 billion ($2.32 million).
For the whole year, the group saw a 40.5 percent increase in casino revenue, topping KRW350.67 billion ($274.06 million), with table games revenue up by 40.9 percent yearly, to KRW319.43 billion ($249.64 million). Slots revenue also increased by 36.6 percent yearly, to KRW31.24 billion ($24.41 million).
Table drop at the group’s properties saw a 27.4 percent monthly uptick in December 2022 and a 192.6 percent increase yearly in the month, reaching KRW467.69 billion ($365.55 million), while total yearly drop rose by 68.5 percent year-on-year, to KRW2,882.28 billion ($2.25 billion).
The figures encompass the company’s operations in Walkerhill, Jeju, Incheon Paradise City and Busan Casino.
Grand Korea Leisure’s business, meanwhile, also saw strong upticks both in December and for the whole of 2022, with casino revenues up 201.4 percent yearly and 8.3 percent sequentially in December, to KRW30.54 billion ($23.87 million).
As expected, table games revenue drove the December 222.6 percent yearly increase and 10.9 percent monthly rise, at KRW28.36 billion ($256.62 million).
Slots revenue for GKL increase 62.5 percent yearly but fell by 16.6 percent monthly, to KRW2.18 billion ($1.7 million).
Annual revenues increased by 196 percent overall, topping KRW265.16 billion ($207.23 million), with table games revenues up 221.4 percent, topping KRW238.9 billion ($186.7 million).
The total table drop amount during the year also totaled KRW1,987.23 billion ($1.55 billion), up 170 percent yearly.
While the yearly upticks are positive, the recent outbreaks in China have caused South Korean authorities to implement a 48-hour negative testing requirement for arrivals from China, including Macau and Hong Kong, or a RAT taken within 24 hours, according to reports, which also indicates infected Chinese visitors are being required to conduct a seven-day quarantine in state-mandated facilities.