Grand Korea Leisure sees 76% annual loss

Grand Korea Leisure sees 76% annual loss

Its casinos were closed from March to May and saw revenue drop 53 per cent year-on-year for the first nine months of 2020.  

South Korea.- The foreigner-only casino operator Grand Korea Leisure has reported a year-on-year decline in sales of over 76.5 per cent, to KRW9.41 billion (US$8.1 million) for September.

Sales were also 26.2 per cent below August’s results and the lowest since May, when the company’s casinos reopened after the Covid-19 lockdown.  

Table game sales fell by 29.2 per cent month-on-month and 77.5 per cent year-on-year to KRW7.81 billion (US$6.74 million). 

Machine sales dropped 7.1 per cent month-to-month and almost 70 per cent annually, to KRW1.60 billion (US$1.38 million). 

Sales totalled KRW169.43 billion (US$146.43 million) for the first nine months of the current year, down 53 per cent compared to the same period in 2019.  

The firm operates three foreigner-only casinos under the Seven Luck brand, one in Busan and two in Seul. They were closed from March 24 until early May.  

The operator is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to South Korea’s Ministry of Culture, Sports and Tourism. 

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