South Korean foreigner-only casino operator Grand Korea Leisure (GKL) reported a net loss of KRW8.9 billion (US$7.0 million) in the three months to 31 December 2022, reversing a KRW5.0 billion (US$3.9 million) profit recorded in the September quarter.
It was, however, a significant improvement on the KRW34.4 billion (US$27 million) loss in 4Q21 as the company continues to emerge from the COVID-19 pandemic. The loss was attributable to significantly higher cost of sales.
Releasing its 4Q22 results on Tuesday, GKL said revenue for the period was KRW92.8 billion (US$73 million), up 24.6% on Q3 and 330% on 4Q21.
This, it added, was on the back of a 212% year-on-year and 40.5% sequential increase in table drop to KRW767 billion (US$603 million).
While GKL didn’t provide any breakdown of its casinos revenues in Q4, it did provide details for the full year, which saw revenues climb 208% to KRW262.1 billion (US$206 million) and loss narrow from KRW113.3 billion (US$89 million) in 2021 to KRW22.7 billion (US$18 million) in 2022.
GKL revealed that Gangnam COEX in Seoul was the highest earning of its properties with table drop of KRW1.18 trillion (US$928 million) and take of KRW140.6 billion (US$111 million), while Gangbuk Millenium Seoul Hilton – which was closed down and moved to a new location in Seoul Dragon City at the end of December – recorded a 117% increase in table drop to KRW612.3 billion (US$481 million) with take of KRW101.9 billion (US$80 million). Table drop at Seven Luck Casino Busan Lotte was KRW198.4 billion (US$156 million), with take of KRW22.7 billion (US$17.8 million)
Total customers in the mass segment totalled 333,288 in 2022, a 66.4% year-on-year improvement, while VIP customers reached 75,747, a 64.1% increase on the prior year.
GKL runs its three foreigner-only casinos under the Seven Luck brand.
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