Grand Korea Leisure casino sales up 21.1% in November
Grand Korea Leisure has posted casino sales of KRW36.98bn (US$26.4m).
South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the month of November. The company posted casino sales of KRW36.98bn (US$26.4m), up 21.1 per cent from October and up 32.6 per cent in year-on-year terms.
Table-game revenue was KRW33.74bn (US$24.1m), up 21.4 per cent sequentially and up 35.6 per cent year-on-year. Machine game sales were KRW3.25bn (US$2.3m), up 18.7 per cent month-on-month and up 7.8 per cent compared to last year.
GKL operates three foreigner-only casinos under the Seven Luck brand. Two are situated in the capital, Seoul (including one in Gangnam), and the other in the southeastern port city of Busan. The company operates as a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports, and Tourism.
The hold ratio at Grand Korea Leisure’s casinos was 12.8 per cent in November, up from 9.8 per cent in October and 10.1 per cent compared to last year.
Casino sales for the first eleven months of the year were KRW354.91bn (US$253.1m), down 2.1 per cent from the first eleven months of 2023. Seoul Gangnam Casino was the largest contributor to group-wide casino sales. It generated approximately KRW160.36bn (US$114.4m) in casino sales, while Seoul Dragon City Casino recorded KRW141.39bn (US$100.8m) in revenue. The Busan Lotte Casino reported sales of KRW53.16bn (US$37.9m).
GKL names Yoon Doo Hyun as president
In related news, GKL appointed the former senior government official Yoon Doo Hyun as its next president. The term for this appointment will last three years. The decision was made during an extraordinary shareholder meeting held a week ago (November 25) and disclosed in a filing to the Korea Exchange last Wednesday. Hyun’s appointment remains subject to approval by the national government.
Yoon Doo Hyun served in South Korea’s National Assembly during its 21st term from May 2020 to May 2024. He held the role of senior secretary for public relations at the Office of the President between 2014 and 2015.
According to GKL, the other two candidates were former senior tourism officials Park Kang Sup and Lee Jae Kyong. Kyong had served as GKL’s vice president from 2013 to 2016.
GKL is a subsidiary of the Korea Tourism Organisation, which is affiliated with the Ministry of Culture, Sports and Tourism. As the company is a public corporation, the appointment requires presidential approval based on the recommendation of the minister of culture, sports, and tourism.
See also: GKL posts net income of US$4.3m for Q3
