GKL casino revenue rises ten-fold following reopenings

Grand Korea Leisure’s revenue increased from KRW507m (US$448,000) in February to KRW5.95bn (US$5.3m) in March.

South Korea.- Grand Korea Leisure (GKL) has started to see signs of slow recovery after the Covid-19 pandemic and several lockdowns.

The South Korean foreigner-only casino operator saw revenue up more than ten-fold in March, up from KRW507m (US$448,000) in February to KRW5.95bn (US$5.3m).

Although GKL’s three casinos are now operational, revenue was still 49.1 per cent lower than March 2020, when revenue was KRW11.68bn (US$10.4m).

All three casinos were temporarily closed for periods in 2020. The Seven Luck Casino Busan Lotte in Busan reopened last month and GKL’s two Seoul casinos returned to activity on March 15.

Grand Korea Leisure’s sales have been deeply affected by Covid-19 countermeasures and closures. The company reported a loss of KRW64.33bn (US$57.6m) for 2020, compared to a profit of nearly KRW72.40bn in 2019.