Q2 losses for Grand Korea Leisure
Grand Korea Leisure Ltd (GKL), an operator of foreigner-only casinos in South Korea, reported a net loss for Q2 of KRW23.6bn ($19.9m), a massive drop from KRW20.1bn profit for the same period in 2019.
Sales for Q2 dropped by 80% compared to the previous year and brought in KRW23.3bn. Accumulated sales were KRW134.8bn ($113.6m), down by 40% compared to 2019. Net loss for the first half of the year was KRW8.8bn ($7.5m), while the previous year the group recorded a net profit of KRW28.8bn. Operating loss for Q2 was KRW32.1bn, while 2019 saw an operating profit of KRW26.4bn.
GKL runs three casinos in South Korea and they were all closed from mid-March until the beginning of May. The casinos can only accept foreigners or South Korean nationals who hold at least one additional passport. Currently, visitors to the country need to comply with a 14-day quarantine, which further halts the stream of guests to the venues.
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