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Grand Korea Leisure sees revenue slip in September

The South Korean Casino Operator, Grand Korea Leisure (GKL), saw its sales decrease in september. Company filed a report recently with Korea Stock Exchange, they said that the casino sales dropped by 11.1% for the month, failing to $37.5 million, over the same period last year.

Sales of Table games declined substantially in last month, dropping by 11.7% year on year, to only attract $32.9 million for the company. Sales of Machine games also declined by 6.1% year on year to around $4.35 million.

GKL basically operates as a subsidiary of the Korea Tourism Organisation, an affiliate of countries, Ministry of Culture, sports and Tourism. It operates 3 casinos in south Korea under the brand name Seven Luck, all of them are only open to foreigners. Two of them are located in Seoul.

In the initial nine months of this year, casino sales managed to increase by a bit. According to them, it recorded a growth of 0.2% yearly taking $323.83 million. Sales of table games increased by 2.6% to $286.28 million and machine games slipped by 15% to $37.59 million. The Drop comes after the company experienced a better second quarter in August. The net income had increased by by 76.2% yearly bringing on $24.2 million but in 2017, it recorded only $13.76 million in net income.

Chinese visitors make up the largest segment of gamblers to South Korea casinos. GKL is also competing against Paradise City, the country’s only integrated resort.

 

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Caleb Jose

Caleb Jose

Caleb is based out of Kansas City and he is responsible for overseeing day-today processes of Casino Buzz. He takes care of the backend technology, along with being the main data collector and reporter for Casino Buzz. He can be reached out at cj@casino.buzz

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