Paradise Co’s February 2023 Revenues Skyrocket to US$ 34 Million

Paradise Co Ltd, a leading South Korean casino operator, recently reported its financial results for February 2023 to the Korea Exchange (KRX). The report confirmed that the casino generated more than KRW44.67 billion (US$34.0 million) in gross gaming revenues during that month. This represents a significant 162.7% increase compared to February 2022, although it also indicates a sequential decline of 7.2%.

The company’s financial report, filed on 30th November 2023, detailed the revenues generated from table games and gaming machines. The table game section contributed almost KRW42.32 billion (US$33.0 million), which accounted for over 97% of the total revenue for the month. This figure was 176.4% higher than the same period in 2022 but 5.1% lower than the preceding month.

Meanwhile, the gaming machine section recorded nearly KRW2.36 billion (US$1.8 million) in revenue, marking a 38.7% increase compared to the previous year. However, this also represented a sequential decline of 33.2%, aligning with the trend observed in table game operations.

The casino’s table handle reached KRW362.47 billion (US$280 million), a 244% increase from February 2022 but also a 23.9% decline compared to January 2023. These figures pertain to the company’s various casino locations, including Walkerhill in Seoul, Jeju, Busan, and Paradise City in Incheon.

In 2022, Paradise Co reportedly generated a profit of KRW25.49 billion (US$20 million), a substantial recovery from the KRW52.53 billion (US$40 million) loss sustained in 2021. The company’s aggregate sales also grew by over 40% to reach KRW587.64 billion (US$450 million).

The decline in February 2023 compared to the previous month may be attributed to the festive season in January, with a higher influx of foreign arrivals over the Christmas and New Year holidays. However, based on the year-on-year trend, reports are expected to reflect a growing trend in the subsequent months of 2023.

It is evident from these financial results that Paradise Co has made a strong post-pandemic recovery and is poised for continued growth in the coming months.