Grand Korea Leisure has reported net profit of KRW11.96bn.
South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the third quarter of the year. The operator of exclusive foreigner-only casinos in South Korea reported a 39.3 per cent sequential increase in net profit attributable to shareholders and a year-on-year increase of 140.6 per cent.
Net profit for the three months ending September 30 reached nearly KRW11.96bn (US$9.1m), compared to KRW8.58bn (US$6.5m) in the second quarter. In the first nine months of 2023, the casino operator witnessed a net profit of KRW42.14bn (US$32.2m), a shift from the net loss of KRW13.80bn in the same period last year.
GKL operates three foreigner-only casinos under the Seven Luck brand, located in Seoul and Busan. While third-quarter sales slightly dipped by 3.6 per cent sequentially to KRW96.59bn (US$73.9m), they surged by 29.8 per cent year-on-year.
In a separate presentation, GKL reported casino net sales for July to September of KRW305.9bn, a 78.3 per cent increase compared to the previous year. The casino drop for the third quarter rose by 5.8 per cent sequentially to KRW310.22bn.