Paradise Co. revenues down 20.7 percent in 17H1

Wednesday 5th of July 2017

South Korea casino operator Paradise Co Ltd. saw revenues dropping 20.7 percent in the first half of the year, attributed to a weaker gaming segment.

Revenue in the first half of the year was recorded at KRW241.7 billion (US$210.3 million), down from KRW304.7 billion in 16H1, according to a company filing on Wednesday.

The operator said table game sales fell 21.6 percent year-on-year, while machine game sales fell 5.4 percent in the half-year.

For the month of June, casino revenue fell 27.6 percent year-on-year to KRW36.8 billion. Table game sales fell 29 percent while machine game sales fell 5.7 percent.

In May, Paradise Co reported a 30.4 percent decline in gaming revenue, reaching KRW 41.6 billion.

May was also the first full month of operation of the company’s $1.1 billion, mass-market oriented property, Paradise City Integrated Resort, which opened on April 20, 2017.

Analysts earlier expressed concerns about the prospects for the South Korean market given China's crackdown on marketing to its citizens and some travel restrictions.

Bloomberg Intelligence analyst Margaret Huang noted in April that Paradise City may face difficulties due to a ban on Chinese tour groups to the country.

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