South Korean casino operator Grand Korea Leisure Co Ltd (GKL) reported an 85 percent year-on-year increase in net income for the fourth quarter of 2016, to KRW34.15 billion (US$29.8 million). Revenue for the period was up 20.5 percent year-on-year to KRW148.62 billion, the firm said in a filing to the Korea Exchange on Thursday.
GKL operates three foreigner-only casinos – two in the capital Seoul and one in the southern port city of Busan – under the Seven Luck brand.
The company reported operating income of KRW43.13 billion for the three months to December 31, nearly double compared to KRW21.68 billion in the fourth quarter of 2015.
For full-year 2016, the casino operator reported revenue of KRW548.23 billion, an increase of 8.4 percent from the previous year. Operating profit for the year rose by 27.7 percent year-on-year to KRW151.18 billion.
The casino firm reported a net profit of KRW114.34 billion for last year, up by 24.6 percent from 2015.
GKL announced a dividend of KRW870 per share for 2016, amounting to a payout of KRW53.81 billion.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia