GGRAsia – S. Korea’s GKL sees casino sales down 11pct in 1Q

S. Korea’s GKL sees casino sales down 11pct in 1Q

Apr 08, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck

South Korean gaming operator Grand Korea Leisure Co Ltd (GKL) posted weaker casino sales in the first quarter of 2019 as compared to the same period last year. The company reported such sales as KRW108.26 billion (US$95.0 million) for the period, down 11.2 percent from the prior-year period.

The year-on-year decline in casino sales was due to a 12.7-percent decrease in table game sales during the three months to March 31, to nearly KRW94.17 billion. Machine game sales were flat during the period, at approximately KRW14.09 billion, the firm said.

The group did not give commentary on the quarterly casino sales, which were filed with the Korea Exchange on Friday.

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.

The company said casino sales for March went up by 4.3 percent year-on-year, to approximately KRW41.72 billion.

Table game sales for the period increased 3.8 percent to about KRW37.10 billion, while machine game sales increased 8.6 percent, to nearly KRW4.62 billion.

GKL said in February that its fourth-quarter net income halved to approximately KRW6.85 billion. The firm stated net income for full-year 2018 declined by 3.5 percent to KRW77.74 billion.

Judged month-on-month, March casino sales at GKL increased by 31.1 percent compared to February.