South Korean foreigners-only casino operator Grand Korea Leisure (GKL) has reported a 34.7% fall in net income during the first three months of the year as a dramatic decline in Chinese visitation starts to bite.
GKL’s net income for 1Q17 dropped to KRW17.53 billion (US$15.6 million), down from KRW27 billion (US$24 million) year-on-year.
Gross gaming revenue for the period dropped 8.3% to KRW125.3 billion (US$111.5 million).
GKL’s results come at a challenging time for South Korea’s second biggest foreigners-only operator, with Chinese tourism falling dramatically on the back of the THAAD missile dispute between the two nations.
GKL could also be affected moving forward by the 20 April opening of rival Paradise Group’s new Paradise City Integrated Resort in Incheon – Korea’s first IR.
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