Grand Korea Leisure names Yoon Doo Hyun as president
Yoon Doo Hyun has been appointed for three years, pending government approval.
South Korea.- Grand Korea Leisure (GKL) has 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 on Monday (November 25) and disclosed in a filing to the Korea Exchange on Wednesday (November 27). 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.
GKL posts net income of US$4.3m for Q3
GKL posted a net profit of KRW6.04bn (US$4.3m) for Q3, down 49.5 per cent in year-on-year terms and 46.6 per cent sequentially. Sales reached KRW93.77bn (US$66.7m), a decrease of 2.9 per cent year-on-year and 5.1 per cent from the previous quarter. Cumulative sales for the first nine months of the year were down 5 per cent in year-on-year terms to KRW290.54bn (US$206.2m).
Casino net sales were KRW287.3bn (US$204.5m), a decrease of 6.1 per cent from a year earlier, while the casino drop increased by 13.5 per cent year-on-year to KRW2.77tn (US$1.97bn). Grand Korea Leisure runs three casinos in South Korea under the Seven Luck brand. Two are in Seoul, while the third is in Busan. Some 58 per cent of the casino drop was generated from its Gangnam Coex property. Visitor numbers totalled 751,047 in the first nine months of the year. That’s a 41.8 per cent increase compared to last year.
The hold rate for the company’s casino operations was 10.4 per cent, down 12.5 per cent year-on-year. The expenses related to marketing activities totalled KRW47.6bn (US$33.9m). That’s an increase of 18.1 per cent in year-on-year terms.
In October, casino sales were down 11 per cent in month-on-month terms, from KRW34.3bn (US$25.7m) to KRW30.54bn (US$22.2m). Compared to last year, casino sales were up by 6.6 per cent. Table-game revenue was KRW27.80bn (US$20.2m), up 0.7 per cent year-on-year. Machine game sales were KRW2.73bn (US$2m), up slightly.
