South Korea’s two largest foreigner-only casino operators had very different results to close out 2016.
Figures released this week show Paradise Co Ltd’s revenue falling 2.6% to KRW 173.6b (US $150.5m), while higher expenses related to finishing its new Paradise City integrated resort in Incheon resulted in operating profit falling 42% to KRW 6.4b and net profit sliding nearly one-third to KRW 4.4b.
Paradise, which operates five foreigner-only gaming venues, said gaming revenue was down 3.7% to KRW 151b. Total gambling turnover was up nearly 4% year-on-year to KRW 1.31t, but turnover from Chinese VIPs fell 10% to KRW 639b.
Japanese VIPs did their best to buck up the numbers, boosting their spending at Paradise’s tables by 13.2% to KRW 308b, while VIP turnover from other nations was up one-quarter to KRW 183b and mass market table drop rose more than one-third to KRW 182b.