Description
Grand Korea Leisure Inc. (GKL), a foreign-only casino operator in South Korea, posted a sequential drop in net profit of 60.3 percent in the second quarter.
Those profits for the three months ended June 30 were 8.58 billion won ($6.5 million) compared to 21.6 billion won in the first quarter. The year-on-year profit for the second quarter was up 7.6%.
The overall profit for the first half of the year came to 30.18 billion won, compared with a net loss of 18.77 billion won a year earlier, according to data submitted to the Korea Exchange on Tuesday.
The company did not comment on the reasons for its overall second-quarter earnings.
Grand Korea Leisure operates three foreigner-only casinos in Korea under the Seven Luck brand: two in the capital city of Seoul and one in the southern port city of Busan.
The group is a subsidiary of the Korea Tourism Organization and is affiliated with the Ministry of Culture, Sports and Tourism in Korea.
Grand Korea Leisure's second-quarter sales fell 8.2% sequentially to KRW 100.23 billion, but increased 108.5% year-on-year.
Table game sales in the three months to June 30 dropped 8.6 percent sequentially to W90.62 billion. This figure is up 115.3 percent from a year ago.
Slot sales in the second quarter increased 17.5% year-over-year to W9.87 billion. Revenue increased 55.2% compared to the second quarter of 2022.
Total casino losses (the sum of table games and slot machine games) in the second quarter actually increased 10.9 percent sequentially to W830.1 billion. The total losses increased 116.1 percent year-on-year.
Table decline in the second quarter was KRW 757.11 billion, showing a sequential increase of 11.4% in the first quarter and an increase of 126.0% from a year ago.
Most of the second-quarter table drops, totaling W580.43 billion, occurred in VIP play. The largest single VIP category was Japanese players, who accounted for W236.14 billion in table drops. Chinese players contributed W159.06 billion in table drops in the second quarter. 안전한 카지노사이트
The decline in popular market tables in the second quarter was 176.68 billion won, up 6.8% sequentially from the first quarter.
In a separate announcement on Tuesday, Grand Korea Leisure said it plans to step up efforts to attract more "overseas VIP casino customers" in the second half of this year. This included ramping up marketing activities in Tokyo and Osaka, Japan, and expanding marketing activities in Taiwan, Mongolia and Southeast Asia.