Grand Korea Leisure posts net loss of US$6.09m for Q2

Revenue was up 2.6 per cent to KRW48.07bn for the second quarter of the year.

South Korea.- The South Korean operator of foreigner-only casinos Grand Korea Leisure (GKL) has shared its financial results for the second quarter of the year. It’s reported a net loss of KRW7.99bn (US$6.09m) and an operating loss of KRW10.71bn.

In the first quarter of the year, the company had posted a net loss of KRW10.80bn (US$8.5m) and an operating loss of KRW42.29bn. The casino operator’s accumulated net loss in the first half of this year was KRW18.77bn, down 66.2 per cent from the KRW55.49bn in the first half of 2021.

The company reported second-quarter revenue of KRW48.07bn, up 2.6 per cent from the previous quarter.

In July, the casino operator sales increased 17 per cent month-on-month from KRW24.45bn to KRW28.61bn (US$21.8m). Year-on-year, sales were up 278 per cent. Casino sales for the first seven months of 2022 combined stand at KRW123.35bn, up 157.7 per cent when compared to last year.

In 2021, Grand Korea Leisure reported a net loss of KRW113.27bn (US$94.7m) and an operating loss of KRW145.83bn, compared with KRW88.81bn the previous year.