Paradise Company Limited has recently revealed its latest financial results collected during July. One of the biggest South Korea-based casino and entertainment operators has stated that the company has experienced a massive 19.1% increase in its aggregated gaming revenues to around $61.07 million especially thanks to its revenue increase for July.
According to one report released by the local newspaper, this Seoul-based company responsible for a number of foreigner-only gaming and entertainment facilities which spread across Asia experienced a great 3.2% gaming revenues increase in July which is significantly better when compared to its gaming revenues collected over the previous months.
Operating Leading Asia-Based Casino Facilities
This massive, leading South Korea-based company mainly engages in the land-based and entertainment businesses. It operated its primary business through three different segments. Its biggest casino segment is responsible for managing several casino facilities including Paradise Casino Jeju Lotte, Paradise Safari Casino, Paradise Casino Jeju Grand, Paradise Casino Busan, Paradise Casino Incheon, and Paradise Casino Walkerhill.
These land-based casino facilities owned and operated by Paradise Company Limited are equipped with all sorts of gambling and entertainment facilities. In addition, the company also operated Paradise Hotel located in Busan and massive Paradise Safari Park Hotel. For 2018, the company has reported sales of around $655 million which represented a massive increase of around 17.9% when compared to the company’s total sales of 2017.
As previously mentioned, the company’s most successful facilities are hotel-based gambling facilities located in the cities of Busan, Jeju, and Seoul. Another massive success of the company is its Paradise City casino resort which opened its doors close to Incheon International Airport in 2017. This casino resort was opened with Sega Sammy Holdings for around $1.7 billion.
Regarding its latest financial stats related to gaming revenues collected during July, the company’s official report also detailed that its gaming tables’ revenues also increased for about 21% which amounts to around $58 million collected. Moreover, the associated drop for the one-month period was also significantly higher for about 20.9% which amounted to almost $459 million in gaming revenues.
Table Triumph and Slot Slump
While the company has experienced a great table games’ triumph with a massive increase in gaming revenues, at the same time its slot games and their related gross revenues for July decreased for around 8.9%. This in a month-to-month basis represents a decline of around 6%. At the same time, the company’s table games drop for the same period had been almost 10% lower when compared with the previous month.
These financial stats detailed in the company’s official financial release mean that Paradise Company Limited has managed to collect around seven-month of gross gaming revenues worth around $350 million. This equates to an impressive 19.1% increase for the company’s total gaming revenues collected.
These numbers are even more impressive when associated with a great 20.1% increase in its total gross revenues from table games at around $329 million and its almost 6% increase from its slot games for around $21 million. Before this financial report, Paradise Company Limited also announced in May this year that it had already chalked up its first-quarter total loss of around $6 million which is another financial success considering the fact the company’s profit for the same period last year was only $2.55 million.