Paradise Co Casino Increases Sales In 2018 Down GKL

Two of Korea’s major foreign-only casino operators reported very different earnings for all of 2018. Casino revenues at foreign-only casino operator Paradise Inc. rose 15.8 percent year-on-year in 2018, while market rival Grand Korea Leisure Inc. (GKL) saw a slight 1.8 percent drop in casino sales.

Paradise said Monday it recorded casino sales of 638.3 billion won ($570.6 million) in the 12 months of 2018.

Last year, table sales rose 15.7% year-on-year to 595.7 billion won from 514.8 billion won a year earlier. Annual slot machine sales rose 16.9% year-on-year to nearly 42.6 billion won.

In December 2018, Paradise’s total casino revenue rose 8.4% year-on-year to about 55.5 billion won.

The company’s monthly update does not provide a comment on why sales fluctuated year-over-year.

Paradise Co.’s latest casino figures are based on the results of four venues operating as part of its casino business division. Walkerhill in Seoul, Jeju Grand in Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City in Incheon (pictured) are near the main international airport serving the capital, Seoul.

Paradise City has a partnership with Sega Sammy Holdings, Inc., a Japanese gaming company, and completed Phase 1 last year when more non-gaming facilities opened. According to the initiative’s promoters, Phase 1 of the initiative had a total investment of nearly $1.4 billion.

New facilities under the second phase of the plan will open in the first half of this year, including a Wonderbox indoor theme park, promoters said.

Meanwhile, GKL saw a drop in total casino sales in 2018 due to a drop in machinery sales. The company reported total casino sales of W482.4 billion. Table sales during the period were W424.9 billion, up 0.1% from the whole of 2017, while machinery sales fell 14.4% year-on-year to W57.5 billion.

The company saw casino sales fall 22.8% year-on-year to nearly 36.1 billion won in December.

GKL is a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports and Tourism in Korea. The casino operator, under the Seven Luck brand, runs three foreigner-only casinos in Korea, two in the capital city of Seoul and one in the southern port city of Busan.

BY: 릴게임사이트

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