GKL sees June casino sales up 34pct sequentially

Jul 04, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Casino sales at Grand Korea Leisure Co Ltd (GKL), an operator in South Korea of foreigner-only casinos, rose 34.3 percent month-on-month, to KRW24.45 billion (US$18.8 million) in June. Judged year-on-year, June 2022 sales were up 65.0 percent, according to data published on Monday.

Table-game sales made up the bulk of the monthly revenue, at KRW22.15 billion, up 36.9 percent sequentially, and an increase of 66.9 percent from the prior-year period.

Grand Korea Leisure’s machine-game sales for June rose by 13.3 percent, to nearly KRW2.30 billion. They were up 49.1 percent from a year earlier.

The Korea Exchange-listed firm’s monthly data filings do not provide commentary on the reasons for fluctuations of business performance. The recent improvement in gaming revenue did coincide with an easing in South Korea – from April 1 – of some Covid-19 countermeasures.

Seoul-based brokerage Shinhan Investment Corp suggested in a June note that recent overseas marketing campaigns by foreigner-only casinos based in South Korea were likely to support revenue recovery at those businesses.

In the first half of 2022, the group’s aggregate casino sales were nearly KRW94.73 billion, a year-on-year increase of 135.1 percent.

Casino drop for Grand Korea Leisure – the amount paid by customers to purchase table game chips – reached KRW675.35 billion in the six months to June 30, up 126.5 percent year-on-year.

Grand Korea Leisure is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to the Ministry of Culture, Sports and Tourism. The casino-operating entity runs three foreigner-only casinos in South Korea under the Seven Luck brand: two in the capital Seoul, and one in the southern port city of Busan.

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