Grand Korea Leisure\u2019s income was down 49.5 per cent in year-on-year terms.<\/p>\n\n\n\n\n\n\n\n
South Korea.- Grand Korea Leisure (GKL) <\/strong>has shared its financial results for the third quarter of the year. It posted a net profit of KRW6.04bn (US$4.3m), down 49.5 per cent in year-on-year terms and 46.6 per cent sequentially<\/a>.<\/p>\n\n\n\n Overall sales reached\u00a0KRW93.77bn (US$66.7m), a decrease of 2.9 per cent year-on-year and 5.1 per cent from the previous quarter. Cumulative sales for the first nine months of the year were down 5 per cent in year-on-year terms to KRW290.54bn (US$206.2m).<\/p>\n\n\n\n Casino net sales were KRW287.3bn (US$204.5m), a decrease of 6.1 per cent from a year earlier, while the casino drop increased by 13.5 per cent year-on-year to KRW2.77tn (US$1.97bn). Grand Korea Leisure runs three casinos in South Korea under the Seven Luck brand. Two are in Seoul, while the third is in Busan. Some 58 per cent of the casino drop was generated from its Gangnam Coex property. Visitor numbers totalled 751,047 in the first nine months of the year. That\u2019s a 41.8 per cent increase compared to last year.<\/p>\n\n\n\n The hold rate for the company’s casino operations was 10.4 per cent, down 12.5 per cent year-on-year. The expenses related to marketing activities totalled KRW47.6bn (US$33.9m). That’s an increase of 18.1 per cent in year-on-year terms.<\/p>\n\n\n\n In October, casino sales were down 11 per cent\u00a0in month-on-month terms<\/a>, from KRW34.3bn (US$25.7m) to KRW30.54bn (US$22.2m). Compared to last year, casino sales were up by 6.6\u00a0per cent. Table-game revenue<\/strong>\u00a0was KRW27.80bn (US$20.2m), up 0.7 per cent year-on-year.\u00a0Machine game sales<\/strong>\u00a0were KRW2.73bn (US$2m), up slightly.<\/p>\n\n\n\n In June, the company launched a new business task force<\/strong>, which will concentrate on three main areas: expanding its casino business internationally, digitalising casino operations and educating the tourism industry. Co-chaired by GKL\u2019s CEO, Kim Young-San, the task force is made up of 11 company officials.<\/p>\n\n\n\n The CEO said the foreigner-only casino operator needed to prepare for future competition from the introduction of casinos in Japan and possibly Thailand<\/a>.<\/p>\n\n\n\nParadise Co posts net income of US$14.20m for Q3<\/h2>\n\n\n\n