South Korea seems to be quickly becoming the go-to destination for international gamblers. If the latest financial data gathered from the country’s only two foreigner-only resorts are a hint, things are looking good and South Korea is excelling in a region which has seen much difficulty with its casinos this year.
Paradise Group has disclosed the financial health of the four casinos it runs in South Korea. These include Jeju Grand, Busan Casino, Paradise City Incheon and Paradise Walkerhill. In November, the company saw its revenue hit $56.4 million. This is a year-on-year growth of 31.6% and follows a trend which has been seen a number of times in 2019.
Table game revenue boosted 35% year-on-year to reach just over $54 million. However, machine games weren’t as favorite last month as they were a year ago and revenue for the sector dropped 7% to $3.29 million.
As informed by Calvinayre.com, Paradise has seen its casino revenue increase 23% from January to November of this year, over the same period in 2018. The company informs total revenue for the 11 months of $598.58 million, with table game revenue and machine revenue rising 24.3% and 5.9%, respectively. During the period, table drop increased by 18.5% to $5.239 billion.
Just as analysts had predicted earlier, the latest jump follows a solid third quarter at Paradise’s operations. The company informed earlier that its revenue for July through September was 30.4% higher year-on-year, allowing it to pick up profits of $28.63 million.
The government-run company Grand Korea Leisure Co. Ltd (GKL), which competes with Paradise for foreign gamblers in South Korea, informed that its sales had increased by 8.2% in November compared to a year before. Just like with Paradise, table games were the preferred target, and experienced an increase of 9.2% year-on-year to reach $33.73 million.
GKL’s performance in November was also a 23.4% increase over what had been witnessed in October. Despite the welcome gains however, the company’s overall revenue for the first 11 months of the year has dropped 1.1% compared to the same period in 2018. The company, which runs two Seven Luck-branded casinos in Seoul and Busan, informs that overall revenue for the period was $369.51 million.
This year the state-run gambling venture may be facing a little difficulty, as has been seen already; however, the overall figures aren’t yet reasons for concern. Reinforced by a strong performance at Paradise, GKL can play off that success and get some of the company’s extra as South Korea continues to move ahead in the gambling race.
