South Korea’s Paradise Co. Has reported a sharp decline in its March casino revenues by 60.5 percent on a year-on-year basis. Sales in the casino division amounted to KRW19.73 billion (about US$16 million). Both table and machine performance were down over 60 percent during the month. South Korea’s first casino was built in the 1960s: Laws were revised to allow casinos for foreigners so the country could “earn foreign currency.” “The longstanding law on casinos exclusively for foreigners is what has made the topic taboo,” said Yoon Tae-hwan, a tourism professor from Dong-eui University.
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Casino operators run 4 foreigners-only properties in the country
South Korean casino operator Paradise Co Ltd, which runs gaming venues open only to foreigners, has reported that casino revenue grew to more than KRW73.63 billion (US$61.0 million) last month, 6.6 percent more than one month earlier and 42.7 percent more than at the same stage last year, filing in at the Korea Stock Exchange that its revenue from gaming tables in September had been almost KRW69.66 billion, 6.0 percent more than the month before and 45.1 percent more than a year earlier.
In the report, Paradise files in that Table drop at the firm’s gaming tables was KRW529.01 billion in September, 15.1 percent less than the month before but 8.1 percent more than a year earlier; whiles revenue from gaming machines in September had been around KRW3.97 billion, 18.6 percent more than the month before and 10.7 percent more than a year earlier.
South Korea Casino Revenue Commission
Paradise said its casino revenue grew to nearly KRW567.88 billion in the first nine months of 2019, 23.5 percent more than at the same stage last year. Revenue from gaming tables for the period stood at KRW534.33 billion, up 24.9 percent, while slot machine revenue increased 4.9 percent to KRW33.55 billion.
South Korea Casino Revenue Office
Paradise Co’s figures are based on gaming at four properties: Walkerhill in Seoul; the Jeju Grand, on Jeju island; Busan Casino in the southern port city of Busan; and Paradise City, at Incheon, close to the country’s main international airport serving the capital, Seoul. The latter gaming venue has been promoted in partnership with a unit of Japanese entertainment conglomerate Sega Sammy Holdings Inc.