Foreigner-only casino operator Grand Korea Leisure (GKL) saw casino sales fall 29.6% month-on-month to KRW6.85 billion in February, seemingly impacted by a run of bad luck.
According to information filed with the Korea Exchange on Friday, February table drop of KRW82.73 billion (US$68.1 million) was 6.2% higher than January but the improved volume wasn’t enough to prevent a 32.5% decline in table games sales to KRW5.49 billion (US$4.5 million) and a 4.6% fall in machine sales to KRW1.35 billion (US$1.1 million).
The February result is, however, considerably better than the same month in 2021 when casino closures due to COVID-19 saw sales reach just KRW507 million (US$418,000).
For the first two months of 2022 combined, GKL’s casino sales have reached KRW16.65 billion (US$13.7 million).
GKL operates three casinos in South Korea – Gangnam COEX and Gangbuk Millenium Seoul Hilton in Seoul, and Seven Luck Casino Busan Lotte.
The company recently reported a loss attributable to shareholders of the parent company of KRW34.38 billion (US$28.7 million) in 4Q21, slightly wider than the KRW32.71 billion (US$27.3 million) loss reported a year earlier and 46.8% more than the KRW23.41 billion in Q3 (US$19.5 million).
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