Grand Korea Leisure posts net loss of US$94.7m for 2021

GKL casino sales are still far from pre-pandemic levels.
GKL casino sales are still far from pre-pandemic levels.

Grand Korea Leisure has reported a net loss of KRW113.27bn (US$94.7m), up 76.1 per cent when compared to the KRW64.3bn loss registered in 2020.

South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the year 2021. It reported a net loss of KRW113.27bn (US$94.7m) and an operating loss of KRW145.83bn in 2021, compared with KRW88.81bn the previous year.

Grand Korea Leisure’s sales in 2021 were down 53.9 per cent year-on-year to KRW85.1bn. The company cited the extended closure of its casinos and the absence of tourists as the main factors behind its decline in sales last year. The company noted that operations at three Seven Luck casinos were temporarily suspended in 2021 due to the ongoing Covid-19 pandemic.

GKL said its fourth-quarter net loss was nearly KRW34.38bn, compared with KRW23.41bn in the previous quarter and KRW32.71bn a year earlier. The company’s fourth-quarter sales were KRW21.58bn, an increase of 44.5 per cent year-on-year. On a sequential basis, sales fell 14.6 per cent in the fourth quarter.

Grand Korea Leisure casino sales down 4.1% in January

GKL reported casino sales of KRW9.72bn (US$8.1m) in January. The figure was down 4.1 per cent when compared to the previous month and a year-on-year comparison couldn’t be done as the casino venues were closed in January 2021 due to Covid-19 countermeasures.

Table game sales were down 7.5 per cent year-on-year to KRW8.13bn while machine game sales were down 18.0 per cent year-on-year to KRW1.58bn. In 2021, the casino operator posted casino sales of KRW89.58bn (US$74.9m).

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GKL Grand Korea Leisure land-based casino