Korean Casino Operator GKL’s Net Profit Slips 4.1 Percent

Korean Casino Operator GKL’s Net Profit Slips 4.1 Percent

While the gambling market continues to expand in South Korea, despite an increase in overall sales, the net profit of the country’s top casino operator Grand Korea Leisure Co Ltd (GKL) has slipped 4.1 percent year-on-year.

The casino operator reported a net profit of KRW25.29 billion (US$21.9 million) for the third quarter of 2019. In a statement to the press issued on Friday, the casino operator said that its sales jumped by 2.3 percent year-on-year to KRW133.36 billion.

It posted an operating income of about KRW30.60 billion.GKL operates three casinos in the country.

Earlier in the week, South Korean casino operator, Paradise Co reported a strong performance for October. The company posted a 15.4 percent increase in revenue to KRW80.90 billion (US$69.8 million).

October’s revenue growth also marks the eighth consecutive month of increased revenue for Paradise.

Increased revenue from table games helped Paradise post the figures. The gambling operator grossed KRW76.92 billion in revenue from table games for October. The figure represents a14.6% year-on-year increase in revenue and 11.6% sequentially.

The gambling operator’s EGM revenue jumped 34.3% year-on-year to KRW3.98 billion.

Paradise Co operates four casinos in Korea – Paradise Walker-hill, Jeju Grand, Busan Casino, and Paradise City.

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