South Korean foreigner-only casino operator Paradise Co. has reported a slight rise in casino revenues in January compared to the previous month, however on an annual basis results were down.
According to its most recent consolidated financial statements, the casino generated KRW70.42 billion ($48.24 million) in revenue for January, reflecting a rise of 1 percent from December’s revenue of KRW69.74 billion ($47.7 million).
However, this figure represents 2.3 percent decrease compared to January 2024, when revenues were KRW72.11 billion ($49.4 million).
Analyzing the revenue breakdown, table games contributed KRW65.76 billion ($45 million), down 0.3 percent from the prior month as well as dropping 2.2 percent year-on-year. Revenue from machine gaming rose significantly during the month, totaling KRW4.6 billion ($3.2 million), down by 4.5 percent yearly but rising by 24.4 percent month-on-month.
Currently, the company is developing a $400 million flagship hotel project, set to begin construction in the first quarter of 2025, with an opening scheduled for 2028. This move is part of a revamped strategy aimed at attracting more international high-rollers to its properties.
