Grand Korea Leisure Q1 profit falls 6.3% despite rise in casino revenue
Casino sales rose to KRW138.16bn (US$101.2m).
South Korea.- Grand Korea Leisure Co Ltd has released its first-quarter results for the period ended March 31. Based on unaudited filings submitted to the Korea Exchange, group-wide sales for the quarter stood at KRW110.65bn (US$81.0m), reflecting a 0.7 per cent increase year-on-year. Casino sales rose more strongly to KRW138.16bn (US$101.2m), up 6.0 per cent from the same period last year.
Despite revenue growth, net profit declined 6.3 per cent to KRW15.09bn (US$10.0m), while operating income fell 10.0 per cent to KRW18.15bn (US$13.3m). The group’s casino loss accounts climbed 61.2 per cent year-on-year to KRW21.63bn (US$15.8m) during the quarter.
The company operates three foreigner-only casinos in South Korea under its Seven Luck brand, with two located in Seoul and one in Busan.
