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South Korea – Paradise returns to profit in South Korea

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South Korean operator Paradise Co bounced back in 2016 with GGR coming in at KRW603.1bn (US $509m) for the 12 months ending December 31, 2016, marking a 6.2 per cent increase from 2015’s figures.

Paradise, who operates four of the 17 casinos in South Korea, reported a 7.2 per cent increase in table game revenue to KRW567.7bn whilst slots fell by 7.3 per cent to KRW36bn. Paradise operates four of the country’s 17 small casinos; Walkerhill in Seoul, Incheon Casino at Incheon, Jeju Grand on Jeju Island, and Busan Casino in Busan.

Revenue in 2015 had fallen by 14.7 per cent on 2014’s figures. The last month of the year saw GGR increase by 10.3 per cent to KRW43.7bn.

The current year promises to be big for Paradise Group as it will open an integrated resort (IR) the first of its kind anywhere in Korea, China, and Japan, in partnership with Sega Sammy.

Paradise Chairman Phil-Lip Chun said: “Paradise City, Korea’s first large-scale comprehensive tourism resort scheduled to open in 2017, will be a milestone in the tourism industry of Korea. Now, we have an opportunity to move beyond a second advance and become a global player. To be prepared for such possibility, we are promoting innovation of corporate management to break out of the old paradigm and practices across the business structure, business methods, and corporate culture. With a vision of becoming Korea’s representative IR (Integrated Resort) by 2020 through such efforts, all executives and employees of Paradise Group including myself share the same dream of shaping the future through innovation with sweeping change.”

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