• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

South Korean casino op GKL 3Q net income down 21 pct

Nov 12, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck  


South Korean casino op GKL 3Q net income down 21 pct

South Korean gaming operator Grand Korea Leisure Co Ltd (GKL) reported on Friday net income of nearly KRW26.37 billion (US$23.3 million) for the third quarter of 2018, down 21.0 percent from the prior-year period. The firm did not provide any reason for the decrease in its quarterly results.

Revenue for the three months to September 30 declined by 5.9 percent year-on-year, to just over KRW130.43 billion, the firm said in a filing to the Korea Exchange.

Operating income for the reporting period stood at approximately KRW30.89 billion, a decline of 24.1 percent compared to KRW34.69 billion a year earlier, stated the company.

GKL is a subsidiary of the Korea Tourism Organization, which is an affiliated body of South Korea’s Ministry of Culture, Sports and Tourism. The company operates 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.

A number of investment analysts have previously noted that South Korea’s foreigner-only casino market has been adversely affected since 2017 after a fall-off in Chinese tourism after a row between China and South Korea over a United States-supplied missile system.

In the first nine months of 2018, GKL recorded revenue of nearly KRW368.50 billion, down 1.4 percent year-on-year. Net income for the period grew by 6.9 year-on-year, to KRW70.90 billion, the company said in Friday’s filing.

Also on Friday, GKL reported its casino sales for October. The company said last month’s casino revenue stood at nearly KRW36.10 billion, down 10.7 percent from a year earlier.


  • tweet
Related articles
  • Casino firm Landing flags 10pct-20pct slimmer year loss
    Casino firm Landing flags 10pct-20pct...

    Mar 05, 2021  

  • Paradise Co posts sharp Feb casino revenue decline
    Paradise Co posts sharp Feb casino...

    Mar 04, 2021  

More news
  • Fitch says LVS Nevada sale slight negative, Moody’s keener
    Fitch says LVS Nevada sale slight...

    Mar 05, 2021  

  • Travel ban on casino hub Sihanoukville: reports
    Travel ban on casino hub Sihanoukville:...

    Mar 05, 2021  


Latest News

Fitch says LVS Nevada sale slight negative, Moody’s keener

Fitch says LVS Nevada sale slight negative, Moody’s keener

Mar 05, 2021  

Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Read More
Travel ban on casino hub Sihanoukville: reports

Travel ban on casino hub Sihanoukville: reports

Mar 05, 2021  

Melco says City of Dreams in Cyprus open summer 2022

Melco says City of Dreams in Cyprus open summer 2022

Mar 05, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"

Junling Tan, Yu Sheng Tay and Vikas Halan

Analysts at credit rating agency Moody’s Investors Service



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us