GKL posts $5.3m in revenue for March 2021 amid casino reopenings

By Peter Lynch

Grand Korea Leisure (GKL) has posted revenue of KRW5.95bn (US$5.3m) for March 2021 following the reopening of its Seoul casinos.

The South Korean foreigner-only operator reported revenue of just KRW507m in February, when only Seven Luck Casino Busan Lotte was operational. GKL had all three of its casinos - Gangbuk Hilton, the Seven Luck-branded Gangnam COEX and Seven Luck Casino Busan Lotte - closed in mid-December amid fresh Covid-19 safety measures across the country.

The operator’s two Seoul properties had been shuttered since late November as a result of the tightening of social distancing protocols in the Seoul metropolitan area, a decision made by the country’s Central Disaster and Safety Countermeasures Headquarters to combat the spread of Covid-19.

The Busan property was reopened in February, with all three casinos now operational once again. Revenue for March 2021 was, however, 49% lower than revenue for March 2020.

Machine games sales for March 2021 reached KRW972m, a 48% year-on-year decline. GKL’s cumulative casino sales for the three months to 31 March meanwhile were KRW6.46bn, a 95% decrease from the prior-year period.

Fellow South Korean foreigner-only operator Paradise Co earlier this month reported March revenue of KRW22.55bn, a 20% year-on-year increase.

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