Paradise Casino's stock fell over 9% in early trading following a report of declining revenue for June.
As of 9:15 a.m. on July 3, shares of Paradise were trading at 13,110 won, down 1,420 won (9.77%) from the previous day.
The decline in investor sentiment is attributed to the company's announcement of a 21.2% year-over-year drop in casino revenue for June, as reported in its preliminary earnings statement.
In June, Paradise's casino revenue totaled 63.2 billion won, with table revenue decreasing by 23.6% to 57.6 billion won. However, machine revenue rose by 16.8% to 5.6 billion won. These figures represent the combined performance of four casinos operated by Paradise Group: Walkerhill, Jeju, Busan, and Incheon Paradise City.
Despite the decline in June, a key indicator of casino performance, the table drop (the amount customers wagered for chips) increased by 10.3% year-over-year to 641.1 billion won, although it fell by 16.2% compared to the previous month.
On a positive note, the cumulative performance for the first half of the year remained strong. Total casino revenue for the first half reached 477.62 billion won, a 5.1% increase from the same period last year, with table and machine revenues growing by 4.0% and 22.0%, respectively. The cumulative table drop for the first half also rose by 8.1% to 3.8145 trillion won compared to the previous year.
* This article has been translated by AI.
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