Korea’s state-run, foreigners only casino operator Grand Korea Leisure (GKL) saw its net income jump 76.2% to KRW27.2 billion (US$24.3 million) in the three months to 30 June 2018.
In a filing to the Korea Exchange, GKL reported a 5.9% year-on-year increase in revenue to KRW116.1 billion (US$103.9 million), helping push combined revenue for the first six months of 2018 to a slight 1.3% improvement over the prior year period. Although 2Q18 actually represented a 4.7% sequential decrease from the first three months of the year, the year-on-year increase was likely a result of last year’s THAAD missile dispute between Korea and China which saw Chinese visitation to its neighbor plummet in the second quarter.
GKL’s third quarter results are off to a shaky start however, with July casino sales falling 25.4% compared with the same month last year, down to KRW36.9 billion.
GKL, a subsidiary of the Korea Tourism Organization, operates two casinos in Seoul and one in Busan under its Seven Luck brand.