Paradise Co. Ltd and Grand Korea Leisure Co. (GKL), the foreign-only casino businesses operating in South Korea, reported their March and first-quarter earnings results on Tuesday, respectively. GKL also confirmed shareholder approval for a final cash dividend of 353 won (US$0.26) per share for 2023, in a separate filing with the Korea Exchange on Monday.
Paradise’s casino sales in the first quarter were just under W288.3 billion, up 55.4% year-over-year. Table drops in the first quarter were just under W1.73 trillion, up 36.8% year-over-year in 2023.
The company reported casino sales of 54.98 billion won in March, up 31.3% year-on-year, but down 31.5% month-on-month.
Table game sales rose 33.1% year-on-year to 50.92 billion won in March, but decreased 32.8% sequentially. Machine game sales rose 11.9% year-on-year to 4.06 billion won, but decreased 10.2% compared to February.
Paradise directly operates three of its locations: Walkerhill in Seoul, Paradise Jeju on Jeju Island, and Real Estate in the port city of Busan. It also has ventures with Japan’s Sega Sammy Holdings for Paradise City Casino Resort in Incheon, near Korea’s main airport.
GKL reported a 12.9% year-over-year drop in casino revenue to W93.67 billion in the three months to March 31. Casino declines in the first quarter were W916.04 billion, up 21.5% from the same period in 2023.
Casino sales rose 19.9% sequentially to 40.39 billion won in March this year, up 4.4% year-on-year,
GKL’s monthly table game sales were just under W37.33 billion, up 19.7% month-on-month and up 4.3% in March 2023.
Machine game sales rose 22.7% sequentially to 3.06 billion won in March this year, and increased 4.8% year-on-year.
GKL operates three foreigner-only, seven-luck-branded casinos. Two are in the capital city of Seoul, and one is in the southeastern port city of Busan.
The company is a subsidiary of the Korea Tourism Organization under the Ministry of Culture, Sports and Tourism in Korea.
BY: 릴게임사이트