written and last updated by
Sam Smith at
04 Apr 2023
Journalist, Editorial Department
Paradise Co Ltd., which operates several casinos for foreign visitors in South Korea, reported a year-on-year increase in revenue for March. In 2022, the income for March was 18.61 billion won (approximately $14 million), while this year it surged to 42.71 billion won (around $32 million), marking a remarkable increase of 129.5%. However, the figures showed a decline of 3.8% compared to the previous month.
Table games generated nearly 39.09 billion won (about $29 million), reflecting a 137% increase from March of last year, although this was a 7% decrease from February. Revenue from slot machines rose by 71.2% year-on-year and 54.1% month-on-month, totaling just under 3.63 billion won (approximately $2.7 million). The company did not provide any commentary on the reasons behind these financial fluctuations in its monthly reports.
For the first quarter, Paradise Co's total casino revenue increased by 151.5% compared to the same period in 2022, reaching approximately 135.21 billion won (over $100 million). From the beginning of the year until March 31, table games contributed nearly 125.70 billion won (around $94 million), a staggering 162% increase from the previous year. Slot machines accounted for 9.51 billion won (approximately $7 million), reflecting a growth of 64.4%.
The total amount of cash exchanged by visitors for chips at the gaming tables exceeded 1.26 trillion won (about $940 million) in the first quarter of this year, representing a 252% improvement over last year. This trend continued in March, with exchanges up 17.4% compared to February and 226.3% year-on-year.
The latest data on Paradise Co's casino operations is based on the performance of four of the company's establishments: Paradise City in Incheon, Jeju Grand on Jeju Island, Walkerhill in Seoul, and Busan Casino in Busan. In February, the operator reported a net profit of 25.49 billion won (approximately $19 million) for the 2022 calendar year, recovering from losses of 52.53 billion won (around $39 million) in the previous 12 months.
In related news, Nevada casinos have extended their streak of monthly billion-dollar revenues to two years, with February's earnings reaching $1.23 billion.
