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Koreas Paradise Group continues upward trend despite bad luck in August

first_img RelatedPosts Bad luck hurt Korean casino operator Paradise Group’s earnings in August, with revenue for the month down both year-on-year and sequentially despite solid table drop growth.Table drop across the company’s four key properties – Walkerhill, Jeju Grand, Busan Casino and Paradise City in Incheon – increased 6.0% sequentially and 8.7% year-on-year to KRW500.1 billion (US$448.4 million). Jeju gaming decline sees Landing International fall into loss in 1H19 Load More South Korea’s foreigner-only casinos see revenues grow in August Nevertheless, revenue tumbled 17.4% compared with August 2017 and 2.0% sequentially to KRW51.6 billion (US$46.3 million), primarily due to a 17.7% fall in table games revenue to KRW48.1 billion.On a positive note, the increased table drop continued an upward trend for Paradise as its Paradise City IR gradually ramps up and the nation’s tourism industry recovers from last year’s THAAD missile crisis, which saw China cancel tour groups to the country.Table revenue for the first eight months of 2018 is up 19.9% to KRW381.6 billion on the back of a 13.4% increase in table drop in that time to KRW3.7 trillion. RGB expecting strong 2019 despite second quarter revenue, profit declinelast_img

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