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Grand Debut

Newsdesk by Newsdesk
Mon 14 Dec 2009 at 16:00
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Shares in South Korean casino operator GKL take off after flotation

Anyone disillusioned by casino operator IPOs in Asia following the post-flotation price slump of both Wynn Macau and Sands China, Las Vegas Sands Corp’s local unit, on the Hong Kong bourse, can take some heart from Grand Korea Leisure Ltd (GKL).

The South Korean state-owned company runs—under the Seven Luck brand—three of the 16 casinos that cater to foreigners in what is Asia’s fourth-largest economy. Last month, GKL sold off a 30% stake in the business to private investors. The sale, priced at 12,000 won (approximately US$10.38) per share, produced major gains for buyers that have been sustained despite continuing turbulence in Asian stock markets.

GKL stock rose 54% in the first two weeks after the flotation on 19th November. Although the flotation didn’t attract the kind of international attention generated by Wynn and LVS in Hong Kong, a number of analysts in South Korea say GKL has strong fundamentals that make it an attractive prospect.

Kwon Oh Nam, the casino operator’s President & Chief Executive, speaking at the Asian Casinos Executive Summit organised by events company Terrapinn in Singapore in early December, said he expected GKL’s profits to rise 10% next year. Mr Kwon said this would be on the back of increased numbers of visitors from China and Japan attracted by a softening in the won, a relaxation in visa requirements for Chinese citizens and the development of medical tourism facilities in the hotel casino complexes run by GKL.

The state-controlled GKL expects net income of 110 billion won (US$96 million) next year from 120 million visitors. A total of 100 million visitors are forecast to have passed through the company’s casinos by the end of calendar year 2009.

South Korea’s government announced in October 2008 that it aims to sell off a total of 49% of the equity in GKL by the end of 2010.

GKL has been making a significant investment in upgrading its existing properties as part of the drive to build its business. In early October, it opened a dramatically revamped third floor VIP area at its Seven Luck property at Gangnam in the capital Seoul. The company said it spent 8.3 billion won (US$7.1 million) on the refitting. The new zone has five VIP rooms plus 19 gaming tables in an open hall area, taking the property’s total inventory to 74 tables and 112 slot machines. GKL has also brought in 71 new dealers to the property— all trained at the Seven Luck Casino Academy.

GKL is not the only South Korean casino operator performing strongly. Kangwon Land Inc., operator of South Korea’s only casino open to locals, has seen its share price rise 22% during 2009.

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Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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