Grand Korea Leisure reports record net profit for Q1
Net profit was up 193.4 per cent in quarter-on-quarter 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 KRW16.1bn (US$11.4m), up 57.9 per cent year-on-year and up 193.4 per cent sequentially.
Operating profit reached KRW20.2bn (US$14.3m), an increase of 45.6 per cent year-on-year. Profit margins expanded to 18.4 per cent compared to 14.2 per cent in the same period last year.
GKL operates three casino venues in Seoul and Busan. The company noted favourable results at Gangnam Coex in Seoul. Although the amount wagered dropped by 13.3 per cent to KRW92.8bn (US$318.9m), revenue rose by 79.6 per cent to KRW64.3bn (US$45.5m).
Seoul Dragon City casino sales declined by 35.1 per cent to KRW28.3bn (US$20m) while Busan Lotte casino sales rose 9.1 per cent to KRW15.6bn (US$11m). Visits across the three properties increased by 7.2 per cent in year-on-year terms to 227,591. This includes 104,000 from China and 75,000 from Japan.
For full-year 2024, GKL posted casino sales of KRW393.61bn (US$267.94m), down 0.9 per cent from KRW265.16bn (US$207.23m) posted in 2023.
In November, the casino operator named Yoon Doo Hyun as president. He served in South Korea’s National Assembly during its 21st term from May 2020 to May 2024. He held the role of senior secretary for public relations at the Office of the President between 2014 and 2015.
