Grand Korea Leisure Falls To US$15 million Loss in Q2

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 company’s 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.

(Photo: Grand Korea)

Bitcoin (BTC) $ 40,926.00 2.21%
Ethereum (ETH) $ 3,019.12 3.09%
Tether (USDT) $ 1.00 0.35%
Binance Coin (BNB) $ 443.72 4.75%
USD Coin (USDC) $ 1.00 0.25%
Cardano (ADA) $ 1.27 5.27%
Solana (SOL) $ 128.06 5.92%
XRP (XRP) $ 0.725684 2.13%
Terra (LUNA) $ 79.35 2.40%
Polkadot (DOT) $ 23.21 3.94%
S&P 500  ^GSPC 
$4,482.73  $50.03  (-1.10%)
Dow Jones Industrial Average  ^DJI 
$34,715.39  $313.26  (-0.89%)
NASDAQ Composite  ^IXIC 
$14,154.02  $186.23  (-1.30%)
Russell 2000  ^RUT 
$2,024.04  $38.75  (-1.88%)
Crude Oil Feb 22  F*CL.NYM 
$83.64  $1.91  (-2.23%)
$0.0000  $0.0000  (0.00%)