Grand Korea Leisure Co Ltd (GKL), an operator of foreigner-only casinos in South Korea, has proposed a final cash dividend of KRW353 (US$0.26) per share for the fiscal year ending on December 31, 2023.
The recommendation, announced on Friday, reflects a dividend ratio of 2.6 percent based on the current market price of the company’s stock, stated GKL.
The dividend payment is estimated to cost approximately KRW21.84 billion, as disclosed in a filing to the Korea Exchange. The scheduled date for dividend payout is April 26, contingent on approval at an upcoming shareholder meeting scheduled for March 28.
Grand Korea Leisure operates three foreigner-only Seven Luck-branded casinos, two situated in the capital Seoul – including one in Gangnam – and one in the southeastern port city of Busan.
Being a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports and Tourism of South Korea, GKL reported a net income of KRW44.08 billion for the full year 2023, according to preliminary, unaudited figures included in a January filing to the Korea Exchange.
GKL is the second South Korean casino operator to propose a final dividend for the fiscal year 2023. Paradise Co Ltd recommended a final dividend of KRW100 per share on Thursday.
