S.Korea’s GKL drops 72 pct in casino sales in March

Korean foreigner-only casino operator Grand Korea Leisure (GKL) saw its casino sales fall 72.0 percent in March from a year earlier, it said in a Monday filing with the Korea Exchange. It posted a profit of 11.68 billion won ($9.55 million) compared to 41.72 billion won in March 2019.

Casino sales fell 73.4% sequentially.

GKL, a subsidiary of the Korea Tourism Organization, 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.

On Monday, GKL reported a 73.5% year-over-year drop in table gaming sales in March, while gaming console sales fell 59.6%.

Table game sales were close to KRW 9.82 billion from KRW 37.1 billion, and machine game sales were estimated to be about KRW 1.87 billion from KRW 4.62 billion in March 2019.

The company temporarily suspended its casino site for an initial two weeks on March 24 in line with the country’s efforts to curb the further spread of the COVID-19 pandemic. On Monday, GKL said in a separate filing that it would extend the casino closure until April 20.

GKL said it expected casino sales losses to reach 36.3 billion won with the start of the game shutdown on March 24. It added that this was based on the group’s daily casino sales for 2019.

The company also said it was considering implementing measures to minimize losses during the shutdown. It did not elaborate on what measures it would introduce.

According to the latest disclosure, GKL’s cumulative casino sales in the first quarter of 2020 increased 1.8% to 110.23 billion won.

Table game sales tallied for the three months ended March 31 this year were nearly 99.62 billion won, up 5.8 percent from a year earlier. GKL’s machine game sales fell 24.7 percent year-on-year to 10.61 billion won in the January-March period.

BY: 토토사이트 추천

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