Net profit was down 52.8 per cent in year-on-year terms. <\/p>\n\n\n\n\n\n\n\n
South Korea.- The South Korean operator of foreigner-only casinos\u00a0Grand Korea Leisure (GKL)\u00a0<\/strong>has shared its financial results for the\u00a0first quarter of the year.\u00a0It posted a net profit of KRW10.20bn (US$7.4m), down 52.8 per cent year-on-year but up from KRW1.7bn in the last quarter.<\/p>\n\n\n\n Sales reached\u00a0KRW97.9bn (US$71.4m), a decrease of 10.3 per cent year-on-year but a rise of 8 per cent from the previous quarter. Operating income was KRW13.85bn, down 49.1 per cent year-on-year.<\/p>\n\n\n\n Casino net sales were KRW93.7bn (US$68.3m), a decrease of 12.9 per cent from a year earlier, while the casino drop increased by 21.5 per cent year-on-year to KRW916bn (US$668.1m). <\/p>\n\n\n\n Grand Korea Leisure runs three casinos in South Korea under the Seven Luck brand. Two are in Seoul, while the third is in Busan. Chinese visitors accounted for 101,000 out of 212,302 visits in the first quarter. Japan contributed 63,000 and other countries 48,000 visits. <\/p>\n\n\n\n Marketing costs rose by 26.6 per cent year-on-year to KRW15.1bn (US$11m). The company believes this investment helped attract more VIP customers.<\/p>\n\n\n\n For full-year 2023, GKL posted casino sales of KRW265.16bn (US$207.23m)<\/a>, up 49.8 per cent when compared to the previous year<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":" Net profit was down 52.8 per cent in year-on-year terms. <\/p>\n","protected":false},"author":176,"featured_media":14825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Grand Korea Leisure (GKL) reported a 52.8% year-on-year decline in Q1 net profit to KRW10.20bn, with sales decreasing by 10.3% despite sequential growth. The foreigner-only casino operator experienced a 21.5% increase in casino drop, alongside a 26.6% rise in marketing expenditure strategically aimed at enhancing VIP customer acquisition, predominantly from Chinese and Japanese markets.","focusai_entities":"Grand Korea Leisure, GKL, Seven Luck","focusai_location":"South Korea, Seoul, Busan, China, Japan","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), marketing_crm (0.8), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q1 Profit Drivers","query":"What specific factors contributed to the significant year-on-year decline in GKL's net profit despite an increase in casino drop, and how does this impact future profitability projections?"},{"label":"VIP Strategy Efficacy","query":"Given the 26.6% increase in marketing costs aimed at attracting VIP customers, what is the quantifiable ROI on this investment, and how does GKL plan to sustain VIP acquisition amidst competitive pressures?"}],"footnotes":""},"categories":[16338,163],"tags":[17025],"class_list":["post-777015397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-grand-korea-leisure"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777015397"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015397\/revisions"}],"predecessor-version":[{"id":777015422,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015397\/revisions\/777015422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14825"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777015397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777015397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777015397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}