Grand Korea Leisure falls to US$15 million loss in Q2

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South Korean foreigner-only casino operator Grand Korea Leisure reported a 43.8% year-on-year increase and more than 500% sequential quarterly increase in casino sales in 2Q21 to KRW32.98 billion (US$28.4 million).

The improved results were largely due to more stable operations than in recent quarters as a result of the COVID-19 pandemic, with the companys three casinos Gangnam COEX and Gangbuk, Millenium Seoul Hilton in Seoul, and Seven Luck Casino Busan Lotte open throughout most of the quarter. All had been closed from late November 2020 until mid-March 2021.

Nevertheless, GKL still fell to a net loss attributable to shareholders of the parent of KRW18.06 billion (US$15.5 million) and an operating loss of KRW25.90 billion (US$22.3 million), although both were narrowed from losses of KRW37.43 billion (US$32.2 million) and KRW46.64 billion (US$40.1 million) respectively in 1Q21.

For the first six months of 2021 combined, casino sales are down 71.6% year-on-year to KRW38.25 billion (US$32.9 million) as a result of the poor performance due to closures in Q1.

Fellow foreigner-only casino operator Paradise Co last week reported casino sales of KRW84.6 billion (US$73.3 million) for the June quarter, down 12.4% versus the March quarter. Unlike GKL, Paradise kept its four casinos open through most of Q1 with its Q2 sequential decline highlighting ongoing operational challenges as a result of international border closures.

South Korea recorded its highest ever daily tally of new COVID-cases last Wednesday with 2,223.