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.
Oct 20, 2020Gradual improvement in Macau’s gross gaming revenue (GGR) levels should serve as a “tailwind” to drive up pricing of Macau gaming stocks, says Deutsche Bank Securities Inc. “We...
Oct 20, 2020
”China has been strengthening the control over capital flow, and the impact of that has already been reflected [on Macau’s gaming revenue trend]. There should not be any bigger impact from the new… legislation [on the mainland] … on the gaming revenue trend here”
Wilfred Wong Ying Wai
President of Macau casino operator Sands China