South Korea – Paradise reports poor start to 2015By Phil - 7 April 2015
South Korean casino operator Paradise said GGR for the first quarter of 2014 decreased 11.6 per cent compared with the previous year, dropping to KRW133.3bn (US$122.2m).
The fall in revenue was due to a drop in table games, which were down 12.9 per cent year-on-year, to KRW124.6bn. Table drop decreased by 22.7 per cent year-on-year in the first three months of 2015 to KRW1.1tr. Sales from slot machines however increased by 12.2 per cent during the same period, but from a modest base, reaching KRW8.8bn.
Paradise’s casino portfolio includes venues in Busan, Walkerhill and Jeju.
The operator has teamed up with Japan’s Sega Sammy Holdings to break ground in November on the US$1.7bn Paradise City scheme at Incheon.
The dip in revenue follows a 4.2 per cent profit drop in 2014.