South Korean integrated resort operator Paradise Co. reported a 24.3% year-on-year increase in casino sales in February, reaching nearly 89.51 billion Korean won (approximately 61.23 million USD). Despite a slight decrease of 2.4% from January's strong performance, the overall results remain impressive, thanks to an increase in Chinese tourists and the Lunar New Year holiday falling entirely in February. In plain terms, the tense China-Japan relations have driven more Chinese tourists to South Korea, coupled with the New Year holidays, naturally boosting the casino business.
Overall data: A significant year-on-year increase of 24%, with a slight month-on-month decrease of 2.4%
According to the financial report released on Wednesday, table games continued to lead in February's casino sales, contributing 84.98 billion Korean won (approximately 58.13 million USD), up 25.5% year-on-year but slightly down 2% month-on-month. Revenue from slot machines and other gaming machines rose 6.2% year-on-year to 4.53 billion Korean won (approximately 3.1 million USD), but fell 9% month-on-month. The casino's "drop" (chip purchase amount) increased 1.9% year-on-year to nearly 535.59 billion Korean won (approximately 366 million USD), but decreased 15.3% month-on-month.
Performance by property: Busan casino surged 267%, Paradise City faced pressure month-on-month
Paradise City, a joint venture with Sega Sammy holding 55%, recorded the highest casino sales, reaching 40.03 billion Korean won (approximately 27.38 million USD), up 4.97% year-on-year but down 22.67% month-on-month. In contrast, the Busan casino showed remarkable performance, with sales soaring 266.83% year-on-year to 16.69 billion Korean won (approximately 11.42 million USD), and also surged 97.64% month-on-month. Other foreigner-exclusive casinos like Seoul's Walkerhill and Jeju Grand also contributed.
Growth drivers: Return of Chinese tourists and Lunar New Year effect
The boost in February's performance is closely related to the increase in Chinese tourists benefiting South Korea. Due to the travel dispute between China and Japan, and with this year's Lunar New Year falling entirely in February, more Chinese tourists chose to visit South Korea, directly boosting the business of Paradise Co.'s foreigner-exclusive casinos. The group previously announced a casino sales forecast of 900.5 billion Korean won (approximately 623.6 million USD) for the fiscal year 2025, up 9.9% year-on-year.
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This article is from "PASA-Global iGaming Leader" gambling news channel: https://t.me/pasa_news
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