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Apr 20 2024

S.Korea's Paradise, GKL Casino sales rise in April

Paradise Inc. and Grand Korea Leisure Inc. saw their foreign-only casinos' revenues rise month-on-month and year-on-year in April, respectively, according to their respective financial statements submitted to the Korea Exchange on Wednesday.

Paradise Corp's casino sales rose 216.2% year-on-year to about 54.49 billion won ($40.7 million) in April. Results were also up 30.1% month-on-month.

Paradise's table game sales rose 239.8 percent year-on-year to W50.67 billion in April. Compared to March earnings, that's a 32.5 percent increase. Game console sales rose 64.9 percent year-on-year and 5.3 percent sequentially to W3.82 billion in April.

According to the latest monthly update, Paradise's first four-month casino total revenue for the year was approximately 188.86 billion won, an increase of 166.0% year-over-year.

Table drops, the amount customers exchanged for chips at tables in Paradise's first four months of 2023, rose 268.9% year-on-year to just over W1.78 trillion. In April, casino table drops in Paradise reached W516.8 billion, up 21.5% month-on-month and 318.1% year-on-year.

Paradise Co.'s latest casino figures are based on the results of four venues operated by its casino business division: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City in Incheon, near the main international airport serving the Korean capital, Seoul.

Market rival Grand Korea Leisure posted casino sales of 45.61 billion won in April, up 689.9 percent year-on-year. The latest monthly tally was up 17.9 percent month-on-month.

In the recently reported month, Grand Korea Leisure's table game sales amounted to about W42.22 billion, up 1,027.2 percent year-on-year and up 18.0 percent sequentially. Machine game sales in April topped W3.38 billion, up 66.8 percent from a year ago, and up 15.8 percent month-on-month.

The company's total casino sales in the first four months amounted to 153.16 billion won, up 194.2% from a year earlier, according to the latest monthly data from Grand Korea Leisure.

Grand Korea Leisure's casino table reduction in the first four months amounted to 1.5 trillion won, up 166.8 percent from the same period a year earlier. In April, Grand Korea Leisure's casino table reduction reached 296.3 billion won, up 9.0 percent from the previous month and 182.1 percent from the same period a year earlier.

The company operates three foreigner-only, seven-luck-branded casinos: two in the capital city of Seoul, including Gangnam, and one in Busan. The company is a subsidiary of the Korea Tourism Organization under the Ministry of Culture, Sports and Tourism.