Leading South Korean casino operators Paradise Co and Grand Korea Leisure (GKL) held steady in September as gaming revenues stabilize post-pandemic.
As per information contained in Korea Exchange filings on Wednesday, Paradise reported a slight 2.4% decrease in casino revenues for the month to KRW75.1 billion (US$55.4 million) on table drop of KRW567.4 billion (US$419 million), down 0.6% compared with August.
This takes the company’s casino revenues for the first nine months of 2023 to KRW565.9 billion (US$417 million), representing a 161% year-on-year increase. Paradise operates the Paradise City integrated resort in Incheon plus casinos in Seoul, Busan and Jeju.
Grand Korea Leisure saw similar stability, with September casino revenue down just 0.2% month-on-month to KRW33.3 billion (US$24.6 million). Table drop for the month was up 5.8% to KRW310.2 billion (US$229 million).
For the first nine months of 2023, GKL’s casino revenues grew by78.2% to KRW305.9 billion (US$226 million).
As reported by IAG, NH Investment & Securities analyst Hazell Lee recently said Korea’s foreigner-only casinos will see increased benefit from the resumption of Chinese group tours and the return of mass market players throughout the rest of 2023.
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