Grand Korea Leisure net loss narrows to US$6mln in 2Q

Aug 10, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Grand Korea Leisure Co Ltd (GKL), an operator in South Korea of foreigner-only casinos, reported on Wednesday a second-quarter net loss that narrowed sequentially and year-on-year.

Grand Korea Leisure recorded a second-quarter net loss at KRW7.99 billion (US$6.09 million), slimmed from the KRW10.78-billion net loss in the previous quarter, and the KRW18.06-billion net loss in the prior-year period, according to the firm’s financial results filed to the Korea Exchange on Wednesday.

The casino operator’s accumulated net loss for the first half of this year was KRW18.77 billion, which was 66.2 percent smaller than the 2021 first half-net loss, at KRW55.49 billion.

In the second quarter, Grand Korea Leisure recorded an operating loss of KRW10.71 billion, also narrowed from the operating loss of KRW13.23 billion in the previous quarter and the KRW25.90-billion operating loss in the prior-year period.

The firm generated KRW48.07 billion in sales in the second quarter, up 2.6 percent from the previous quarter.

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 (pictured): two in the capital Seoul, and one in the southern port city of Busan.

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