GKL reports April sales up by 48%
Grand Korea Leisure, an operator of foreigner-only casinos in South Korea, reported that its casino sales rose by 48% in April compared to March. However, this is still an 86% year-on-year decline. Total sales reached KRW8.8bn ($7.8m), compared to KRW5.95bn in March. Table games earned KRW7.27bn in April, a 46% growth from KRW4.98bn the previous month. Machine game sales rose 61% month-on-month from KRW972m in March to KRW1.56bn in April.
Total casino sales for the first four months of the year were KRW15.29bn, and an 86% drop from KRW110.23bn recorded the previous year. Table games brought in KRW12.66bn in total for the period, an 87% decline from KRW99.62bn for four months in 2020. And machine game sales declined 75% year-on-year for the first four calendar months, with KRW2.63bn against KRW10.61bn.
The increase in sales can be attributed to the resumption of work of the company’s casinos, such as the Seven Luck in Busan Lotte (pictured) that resumed work mid-February after a period of closure. GKL re-opened a few of its casinos in Seoul on 15 March, after they were shut down since November 2020 due to Covid-19 countermeasures in the capital.
The casino industry in South Korea is trying to move forward, despite the setbacks during the pandemic. Asia Gaming Brief reported that an IR project in Midan City, Incheon, resumed construction in mid-March despite the lack of backing from any established gaming firm after Caesars Entertainment left the project. The Midan City Resort Complex should include 750 hotel rooms and a casino, with the opening scheduled in spring 2022.
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