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Paradise Co’s 2022 Revenue Has Gone Up
The South Korean casino operators reported a revenue of over ₩350 billion, which roughly comes to around $275 million. The Paradise company is an operator of foreigner-only casinos. In the Republic of Korea, gambling goes under different laws for foreigners and citizens. The Paradise Company caters to tourists or visitors with a passion for cards or dice. And it seems that in 2022, the number of South Korea’s visitors who also like to gamble has significantly increased.
Game Sales Have Gone Up
In 2022, Paradise Co Ltd table game sales went up rather significantly. They sold an incredible ₩320 billion-worth of table games in 2022, coming up to around a 41% increase from last year. But it doesn’t stop there. They also managed to sell machine games, such as slots, video poker, etc. for a total price of ₩31 billion, a 36% increase from 2021.
These numbers are quite spectacular already, but it doesn’t end there. In 2022, the casinos run by Paradise also saw an increase in drops. In case you aren’t aware, “drop” refers to the amount of money spent on chips in the establishment. In 2022, the amount “dropped” on chips was around ₩2,88 trillion, an unprecedented 68% rise from 2021.
Tourism and Gambling
It is worth noting that all of the aforementioned figures were taken specifically from Paradise’s properties in Seoul, the country’s Capital, Busan, and the Jeju Province, where the gambling industry seems to be thriving the most.
The reason for this likely has a lot to do with the attractions that these places have for tourists. Seoul is of course a tourist destination. It is the country’s capital and boasts a number of historical and natural sites worth visiting and experiencing. Busan is home to fabulous beaches and is an excellent family vacation destination. Jeju City is excellent for younger people, who want to experience adventure and South Korea’s nightlife.
So, it is no wonder that the cities most likely to be visited by tourists are also where gambling thrives. As we said, Paradise operates foreigner-only casinos. So, it wouldn’t be a surprise to learn that the reason for their increase in revenue has to do with tourism.
It is worth noting, however, that this is only speculation. The casino themselves have not released a statement in regard to its success. However, their numbers do happen to coincide with an increasing number of visitors to the country in 2022.