South Korea’s Paradise Casino saw revenue increase for March 2018. Their income jumped 34 percent during the last month. Paradise Casino is unsure why their casino sales gained, but they are happy. Paradise informed the Korean Exchange, Tuesday, April 3, 2018, about their profit growth. In 2018, they made $49.5 million for March, which was higher than the near $37 million in 2017.
When compared to February 2018, March was 20 percent higher. The reports show nearly $41 million for February. Breaking down where the money was earned, it seems the casino tables had the most growth, with a 35.1% year-to-year comparison of growth. Paradise’s machine income jumped 18.9 percent in March.
Paradise CO is not just made of one casino. There are four, under the umbrella name. Those casinos are Jeju Grand, Walkerhill, Paradise City, and Busan Casino. Jeju Grand, as the name implies is on Jeju Island. Walkerhill is located in Seoul. Busan Casino is in Busan, and Paradise City is close to the international airport in Incheon.
The aggregate casino revenue for all four casinos increased 19.9% from 2017 to 2018. The percentage is based on the first three months of the year. Table revenue between January and March was up 19.3%, with earnings of $130.25 million and machine revenue increased 26.8 percent for income of $10.15 million.
Based on the numbers, cash for chips exchange saw $1.28 billion, which was a 20% increase for a year on year examination.
Foreigner Only Casinos
Foreigner only casinos have made it difficult for Korea to make revenue in their near eighteen casinos. Adding the foreign only concept to the Mainland China restrictions and it is amazing that Korean casinos like Paradise could report such a significant increase.
Perhaps China is relaxing travel restrictions to South Korea, such as to Jeju Island. Jeju relies significantly on Chinese tourists. According to the Jeju Tourism Organization China accounts for about 84 percent of visitors to the island, at least they did in 2016.
Unfortunately, ties with the US have hindered relations between South Korea and China. With all the issues from North Korea, South Korea allowed the US to deploy more US anti-missile systems, which is something Beijing did not take very well. In fact, they created a blanket ban on group tours to South Korea.
Last year, reports said restrictions lessened, but they did not. After the February Olympics, it is possible that China has relaxed their ban, or it could be something else entirely.