Paradise Group, and Grand Korea Leisure Co. (GKL), the two major casino operators in South Korea, had a fantastic year especially the 6 months of the year. The revenue of both companies was on an upward pedestal.
But then again, only one company was able to sustain this momentum till the end of the year. In the first 11 months of the fiscal year, GKL had to disclose a considerable decrease in GGR (gross gaming revenue) of 1.1 percent.
Their counterpart, on the other hand, enjoyed a year-on-year rise in casino revenue of 23 percent. With the final reports coming in at the end of the year, Paradise reported that its full-year increase was considerably higher.
Things were so good for Paradise that the company posted a revenue gain of 23.4 percent when compared to its earnings in 2018. Last year, the company earned within the region of $670.69 million when compared to the sum of $543.56 million earned in 2018.
This extra revenue came in December, which proved to be a very lucrative month for the company’s casinos – all four of them – Busan Casino, Jeju Grand, Paradise Walkerhill and Paradise City. In addition, Table Game Revenue increased by 24.7 percent to $632.46 million and it made up about 94.3 percent of the earnings made by Paradise in all its operations.
However, the revenue for slots increased significantly, and when compared to the earnings of last year, it rose by 5 percent. Thanks to this increase, slots earned an extra $38.23 million in profits.
Despite the fact that the revenue for table games increased significantly in December, the same could not be said of table drop. It fell slightly by 4.7 percent to $426.08 million in December. When monitored over the year, it increased by 16.4 percent to $5.77 billion.
According to Calvin Ayre, the shareholders and employees of the company will always remember 2019 as a good year. As things stand, they were not the only ones that benefited from the outstanding performance of Paradise. Quite a number of people know that Paradise does not take its corporate social responsibility lightly.
Because the company had a favorable run in the year, they donated massively to charity. The charity organization that benefited from this largesse is the Social Welfare Community Fund. They received a generous donation that won’t be forgotten any time soon.
Phillip Chun, the chairman of Paradise, released a statement that they donated the sum of 160 million won (136,768 USD) to charity. The charity organization provides help to low-income families and the elderly. The funds will be equally distributed to the charity’s offices in Busan, Incheon and Seoul.
Here’s what Chun had to say about the donations
“We have donated funds every year in the hope that it will be a small devotion for our underprivileged neighbors who are suffering from economic recession and cold weather, but we hope to be hopeful. We will expand our sharing activities.”
However, Paradise has concluded plans to donate to other causes like the Isoli Ensemble and the Isoli Festival. They plan to do this through the Paradise Cultural Foundation and the Paradise Welfare Foundation.
