South Korean casino op GKL has a loss in 2020 amid a pandemic
Grand Korea Leisure Co Ltd (GKL), a foreign-only casino operator in South Korea, reported a loss of nearly KRW 64.33 billion ($ 57.6 million) on Tuesday, compared to a profit of nearly KRW 72.40 billion. KRW in 2019
That was a turnover of 2020, which decreased by 62.4 percent from 1840.75 billion KRW to 184.46 billion KRW compared to the previous year.
The group posted a negative profit of nearly KRW 32.71 billion in the final quarter of 2020, compared to a profit of KRW 18.31 billion in the last three months of 2019.
The third quarter profit had also been negative – but by a more modest amount of KRW 22.78 billion, meaning the sequential change was down 43.6 percent.
Grand Korea Leisure sales declined 88.6 percent year over year to KRW 14.94 billion in the fourth quarter, compared to KRW 130.85 billion in the same period in 2019. Sales in the final quarter of 2020 decreased in Compared to the third quarter by 57.0 percent back 34.76 billion KRW.
Grand Korea Leisure’s Gangnam COEX venue and Gangbuk Hilton in Seoul – operated under the Seven Luck brand (photo) – have been temporarily closed since November 24th. and the group’s Busan Lotte property in the southern port city of Busan since December 1, all as countermeasures against Covid-19.
On February 1, Grand Korea extended the closure of the locations until February 15th. The company had one Casino closed for 43 days from March 24th, last year amid the threat of the pandemic.
GKL is a subsidiary of the Korea Tourism Organization, which in turn is affiliated with the South Korean Ministry of Culture, Sports and Tourism.