GGRAsia – S.Korea’s GKL casino revenue up 4pct in first half

S.Korea’s GKL casino revenue up 4pct in first half

Jul 10, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck

Casino sales at South Korean gaming operator Grand Korea Leisure Co Ltd (GKL) increased by 4.1 percent year-on-year in the first half of 2018, to nearly KRW238.62 billion (US$214.2 million).

The year-on-year increase in casino sales was sustained by a 7.4 percent rise in table game sales in the six months to June 30, to KRW209.75 billion. Machine game sales however declined by 14.9 percent from the prior-year period, to approximately KRW28.86 billion, the firm said in a Monday filing to the Korea Exchange.

GKL is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to South Korea’s 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.

Turnover retreated at the country’s foreigner-only casinos in 2017, down by about 5.4 percent compared to 2016, according to official data.

GKL is showing more positive results, with last month’s casino revenue at nearly KRW36.56 billion, 7.2 percent more than a year earlier, but down 9.9 percent from the month before.

Table game revenue in June was KRW32.05 billion, up 12.7 percent from the prior-year period. Slot machine revenue last month was just over KRW4.50 billion, 20.7 percent less than a year earlier, GKL told the stock exchange.

The casino operator announced last month that Yoo Tae-Yeol had been appointed as the firm’s new chief executive.