Grand Korea Leisure returns to profit in Q3

GKL has reported net profit of KRW4.97bn.
GKL has reported net profit of KRW4.97bn.

Casino net sales grew 159.6 per cent year-on-year to KRW171.6bn.

South Korea.- The South Korean operator of foreigner-only casinos Grand Korea Leisure (GKL) has reported a net profit of KRW4.97bn (US$3.62m) for Q3. That compares to a net loss of KRW7.99bn in the previous quarter.

The company posted an operating profit of KRW4.58bn versus an operating loss of KRW10.71bn in the previous quarter and an operating loss of KRW31bn in the third quarter of last year. Casino net sales rose 159.6 per cent year-on-year to KRW171.6bn.

Visitor numbers in Q3 reached 273,684, most of whom were identified as customers in the mass gaming segment. The company does not clarify whether the count represents unique visitors, but the figure was up 62.3 per cent year-on-year.

The company stated it expects to attract overseas VIP customers and strengthen marketing activities in the final quarter of this year. Its accumulated net loss in the first nine months of the year was nearly KRW13.8bn, a decrease of 82.5 per cent from the loss of KRW78.9bn in the same period last year.

In 2021, Grand Korea Leisure reported a net loss of KRW113.27bn (US$94.7m) and an operating loss of KRW145.83bn, compared with KRW88.81bn the previous year.

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