South Korea casino op GKL posts US$33mln profit in 2023

Jan 18, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Grand Korea Leisure Co Ltd (GKL), an operator in South Korea of foreigner-only casinos, reported net income of KRW44.08 billion (US$32.8 million) for full-year 2023, based on preliminary, unaudited figures included in a Thursday filing to the Korea Exchange.

The result compared with a net loss of KRW22.74 billion in 2022, a year during which the company’s business was negatively impacted by disruption caused by the Covid-19 pandemic.

Grand Korea Leisure 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 group is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to South Korea’s Ministry of Culture, Sports and Tourism

In Thursday’s filling, Grand Korea Leisure reported aggregate sales of KRW396.69 billion in 2023, up 51.3 percent from the previous year.

Operating income last year reached KRW51.31 billion, compared to an operating loss of just under KRW13.92 billion in 2022.

The company stated that the increase in sales and the return to profit in 2023 was due to a “increase” in the number of “overseas customers” throughout the year.

The company said last year it planned to boost its efforts to attract more “overseas VIP casino customers”. That included strengthening its marketing activities in the Japanese cities of Tokyo and Osaka, as well as expanding its marketing efforts in Greater China.

In October, Grand Korea Leisure launched a mobile application called “Sevenluck+”, which enables players to access gambling services via blockchain-based authorisation.

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