Grand Korea Leisure (GKL) has reported KRW10.18bn (US$9.2m) in sales for May.
South Korea.- The South Korean operator of foreigner-only casinos Grand Korea Leisure (GKL) has reported that casino sales grew by 15.3 per cent month-on-month in May to KRW10.18bn (US$9.2m).
When compared to the previous year, GKL casino sales were down by 1.7 per cent.
As for table games, GKL reported sales of nearly KRW8.27bn, up 13.7 per cent when compared with the previous month. It was also up 2.4 per cent year-on-year.
Machine game sales grew 22.4 per cent from KRW1.56bn to KRW1.91bn. However, when compared to the previous year, machine game sales were down 16.3 per cent.
In April, Grand Korea Leisure had reported sales of KRW8.83bn (US$7.9m).
GKL sales during the first five months were down 78.9 per cent
Grand Korea Leisure reported that casino sales for the first five months of the year 2021 were KRW25.47bn, down 78.9 per cent when compared to the first five months of the year 2020, when sales were nearly RW120.59bn.
Table games aggregate sales from January to May were down 80.6 per cent year-on-year to KRW20.93bn.
As for machine games, GKL reported sales of KRW4.54bn, down 64.8 per cent when compared to the previous year.
GKL reported a net loss for the first quarter of KRW37.43bn (US$33.4m). That compares to a net loss in the fourth quarter of 2020 of KRW32.71bn.
It also reported an operating loss of KRW46.64bn compared to an operating profit of KRW26.92bn in the same quarter last year.
The casino operator suspended all of activities in November 2020 due to the Covid-19 pandemic. Seven Luck Casino Busan Lotte in Busan reopened in February, while the operator’s Seoul venues reopened in March.
In May, The Millenium Hilton Seoul Hotel, which hosted Grand Korea Leisure’s Seven Luck casino was to be demolished following its sale.
The venue was sold to Aegis Asset Management, a domestic real estate fund manager, due to the impact of the Covid-19 pandemic on tourism.
Aegis plans to build an office building on the site, but it has not yet revealed more details. It is still unknown if the casino will be relocated.