Casino re-openings drive higher revenues for Grand Korea Leisure in March

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South Korean foreigner-only casino operator Grand Korea Leisure (GKL) saw considerable improvement in March with revenue rising more than 10-fold compared with February following the reopening of its Seoul casinos.

GKL saw its revenue increase from just KRW507 million (US$448,000) in February, when only Seven Luck Casino Busan Lotte was operational, to KRW5.95 billion (US$5.3 million) in March.

The company had closed all three of its casinos Gangnam COEX and Gangbuk, Millenium Seoul Hilton in Seoul, and Seven Luck Casino Busan Lotte in mid-December as the latest wave of COVID-19 spread across the country before reopening Busan in February.

Despite having all three casinos now back up and running, March 2021 revenue was still 49.1% lower than March 2020, when revenue was KRW11.68 billion (US$10.4 million).

Fellow foreigner-only casino operator Paradise Coearlier this week reported a 20.2% year-on-year increase and 24.6% sequential increase in revenue to KRW22.55 billion (US$20 million) in March.