South Korean foreigner-only casino operator Paradise Co. has released its July 2024 performance metrics, showcasing some growth across various operational indicators.
Paradise Co. directly operates three casino venues: Walkerhill in Seoul, Paradise Jeju on Jeju island, and a property in the port city of Busan. Additionally, it has a venture with Japan’s Sega Sammy Holdings Inc. for the Paradise City casino resort in Incheon, near South Korea’s main airport.
The group reported July sales from gaming at KRW62.04 billion ($45.17 million), reflecting a 7.3 percent sequential increase, although this figure was 1.3 percent lower year-on-year.
Table games contributed nearly KRW57.58 billion ($42.14 million), accounting for approximately 93 percent of the overall monthly casino sales, while machine-game sales were nearly KRW4.47 billion ($3.27 million).
The total casino drop, which represents money exchanged for chips at the gaming tables, was nearly KRW542.18 billion ($396.89 million), showing a sequential increase of 1.9 percent and a 2.3 percent rise compared to the same period last year.
The majority of the July casino drop was attributed to VIP gaming, with KRW420.82 billion ($307.91 million) coming from VIP play and KRW121.35 billion ($88.80 million) from mass play.
VIP drop – primarily generated by players from China, Japan, and other unspecified feeder markets – showed little change from July 2023 but saw an increase of nearly 2 percent compared to June.
Notably, the Chinese VIP drop in July reached nearly KRW100.93 billion ($73.86 million), marking a 31.8 percent increase from a year earlier.
This segment was the second most significant contributor to Paradise Co’s July VIP drop, following the Japanese VIP drop, which logged nearly KRW223.82 billion ($163.80 million).
The mass drop increased by 1.87 percent sequentially and was nearly 10.6 percent higher year-on-year.
For the first seven months of 2024, Paradise Co’s casino drop totaled nearly KRW3.98 trillion ($2.91 billion), an 18 percent improvement over the prior-year period.
