GKL casino posts losses of US$33.4m for Q1
Grand Korea Leisure (GKL) has reported a net loss of KRW37.43bn (US$33.4m) for the first quarter of 2021.
South Korea.- The South Korean operator of foreigner-only casinos Grand Korea Leisure (GKL) has reported a net loss for the first quarter of KRW37.43bn (US$33.4m). That compares to a net loss in the fourth quarter of 2020 of KRW32.71bn.
GKL reported that sales in the first quarter dropped by 95.3 per cent year-on-year and 64.7 per cent from the previous quarter.
It reported an operating loss of KRW46.64bn compared to operating profit of KRW26.92bn in the same quarter last year.
The casino operator suspended all of activities in November 2020 due to the Covid-19 pandemic. Seven Luck Casino Busan Lotte in Busan reopened in February, while the operator’s Seoul venues reopened in March.
In 2020, South Korean casinos received only 1,760,232 visits, down from 6,128,952 in 2019. Gambling cash turnover was down 64.5 per cent when compared to the previous year.
