Grand Korea Leisure posts net profit of US$7.4m for Q1

Net profit was down 52.8 per cent in year-on-year terms. 

South Korea.- The South Korean operator of foreigner-only casinos Grand Korea Leisure (GKL) has shared its financial results for the first quarter of the year. It posted a net profit of KRW10.20bn (US$7.4m), down 52.8 per cent year-on-year but up from KRW1.7bn in the last quarter.

Sales reached KRW97.9bn (US$71.4m), a decrease of 10.3 per cent year-on-year but a rise of 8 per cent from the previous quarter. Operating income was KRW13.85bn, down 49.1 per cent year-on-year.

Casino net sales were KRW93.7bn (US$68.3m), a decrease of 12.9 per cent from a year earlier, while the casino drop increased by 21.5 per cent year-on-year to KRW916bn (US$668.1m).

Grand Korea Leisure runs three casinos in South Korea under the Seven Luck brand. Two are in Seoul, while the third is in Busan. Chinese visitors accounted for 101,000 out of 212,302 visits in the first quarter. Japan contributed 63,000 and other countries 48,000 visits.

Marketing costs rose by 26.6 per cent year-on-year to KRW15.1bn (US$11m). The company believes this investment helped attract more VIP customers.

For full-year 2023, GKL posted casino sales of KRW265.16bn (US$207.23m), up 49.8 per cent when compared to the previous year.