South Korean foreigner-only casino operator Paradise Co., has reported a 20 percent improvement in its gaming revenue for the first half of 2024.
The company’s casino revenue for January to June 2024 expanded to KRW423.06 billion ($306.56 million), marking a strong 20.5 percent increase compared to the same period last year, which saw revenues of KRW350.97 billion ($254.33 million).
Paradise Co. specializes in operating foreigner-only casinos, including Walker-Hill, Jeju, Incheon Paradise City, and Busan Casino.
In terms of different gaming revenue sources, revenue from table games rose by 20.7 percent to KRW397.14 billion ($287.08 million), up from KRW328.94 billion ($238.36 million) in the first half of 2023.
Meanwhile, gaming machines revenue jumped by 17.7 percent, reaching KRW25.92 billion ($18.78 million) compared to KRW22.03 billion ($15.97 million) during the same period last year.
Despite the overall positive trend for the first half of the year, when compared to the previous month and the same month of last year, Paradise’s gaming revenues reported a substantial decline.
Paradise’s casino revenue for June 2024 was KRW57.11 billion ($41.38 million), a 25 percent decrease from the previous month and a 39.3 percent drop from June 2023’s KRW94.12 billion ($68.23 million).
For the month, table games revenue fell by 25.7 percent month-on-month to KRW53.52 billion ($38.77 million) and by 40.4 percent year-on-year, while machine games revenue experienced a 12.7 percent month-on-month decrease to KRW3.59 billion ($2.60 million) and a 15.8 percent year-on-year decline.
The total amount of cash exchanged for chips at the table (table drop) for June 2024 was KRW531.84 billion ($385.41 million), a slight decrease of 0.2 percent from June of 2023.
The cumulative table drop amount for the first half of 2024 reached KRW3.43 trillion ($2.49 billion), representing a substantial 20.9 percent increase from KRW2.84 trillion ($2.06 billion) in the same period last year.
The company has recently forecast that sales volume will reach $952 million by 2026, as the firm plans to develop a new all-suite flagship hotel in Seoul.
This move is part of a revamped strategy to attract more international high-rollers to its properties.
