South Korean casino operator Paradise Co Ltd saw its revenue take a hit in 2017 thanks to ongoing diplomatic tensions with China.
On Friday, Paradise alerted the Korea Exchange that its casino revenue in the month of December totaled KRW 51.8b (US $48.5m), a 16.7% improvement from December 2016. Table revenue improved nearly 20% to KRW 49.2b while machine gaming fell 21.3% to KRW 2.6b.
However, December’s gains weren’t enough to turn around a disappointing 2017, in which full-year revenue declined 8.6% to KRW 551.8b ($516.5m). The decline reverses gains made in 2016, during which revenue came in 6.2% higher than 2015’s KRW 570b.
The 2017 decline was entirely due to table games, which reported revenue falling 9.2% to KRW 515.4b, despite table drop rising 5% year-on-year. Paradise played a little luckier with its electronic gaming operations, which improved 1.4% to KRW 36.4b.