South Korea casino op GKL has US$20mln net loss 3Q

Nov 09, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Grand Korea Leisure Ltd (GKL), a South Korean operator of foreigner-only casinos, reported a quarterly net loss that widened to KRW23.41 billion (US$19.9 million) in the three months to September 30, relative to the KRW18.06-billion loss recorded in the second quarter.

The company had reported a net loss of about KRW22.78 billion in the third quarter of 2020.

Third-quarter sales at GKL declined 23.4 percent sequentially, to KRW25.26 billion, from KRW32.98 billion in the second quarter. The latest reporting period saw sales fall 27.3 percent year-on-year from the KRW34.76 billion in the third quarter, 2020.

The company reported an operating loss of approximately KRW31.00 billion for the three months to September 30 this year, compared to an operating loss of KRW25.90 billion in the second quarter.

The third-quarter operating loss for the third quarter 2020 had been KRW30.96 billion.

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 (pictured).

In the first nine months of 2021, Grand Korea Leisure’s casino sales were just under KRW63.51 billion, a dip of 62.5 percent from the aggregate KRW169.53 billion a year earlier.

The company reported aggregate sales of KRW63.51 billion in the January to September period, down 62.5 percent from a year earlier. Net loss for the nine months to September 30 was KRW78.90 billion, compared with KRW31.62 billion in the first nine months of 2020.

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