S. Korea’s Paradise to boost casino sales in August

Paradise Inc., a South Korean game operator, said its casino sales rose 36.1 percent year-on-year to 69.28 billion won in August. On a month-on-month basis, casino sales fell 6.0 percent last month compared with July, according to data filed Tuesday.

The year-on-year increase in casino sales was attributed to a 39.1 percent increase in table game sales to about 65.93 billion won in the month of August. However, machine game sales fell 4.3 percent year-on-year to about 3.35 billion won, the company submitted to the Korea Exchange.

The company's monthly update does not provide a comment on the reasons for the earnings change.

Paradise said casino sales rose 21.1% year-over-year to nearly 494.45 billion won in the first eight months of 2019.

Table game sales rose 22.4% to about W464.87 billion during the period, while machine game sales rose 4.2% to W29.58 billion.

Paradise Co.'s figures are based on playing games at four properties. Each casino is allowed to serve foreign customers. Venues are Walkerhill in Seoul, Jeju Grand in Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City in Incheon, which is close to the main international airport serving the capital city of Seoul. The latter game venue was promoted in cooperation with a department of Sega Sammy Holdings, a Japanese entertainment giant.

TABLE DROP – Cash exchanged for chips at company's game table was approximately W4.65 trillion in the first eight months of 2019, up 25.3% year-over-year.

Paradise said it recorded a net loss of 2.06 billion won in the second quarter of last month, and a cumulative loss of 9.59 billion won in the January-June period of 2019.

"Given Paradise City [Casino Resorts]'s continued slope and potential improvements in its holding ratio, we expect Paradisco to return to profit in the third quarter of this year," Brokerage JPMorgan Securities (Asia Pacific) said in a recent note.

BY: 바카라사이트