Grand Korea Leisure Co Ltd (GKL), an operator in South Korea of foreigner-only casinos, posted a first-quarter net profit of nearly KRW15.09 billion (US$10.0 million).
The tally was down 6.3 percent from a year earlier, according to the unaudited financial results of GKL filed to the Korea Exchange on Tuesday.
The company’s operating income in the first quarter this year stood at nearly KRW18.15 billion, 10.0-percent lower than a year earlier.
Group-wide sales reached KRW110.65 billion in the three months to March 31, a modest increase of 0.7 percent year-on-year.
Casino sales for the January to March period were KRW138.16 billion, a 6.0-percent increase from a year ago. The amount of casino loss accounts rose 61.2 percent year-on-year, to KRW21.63 billion.
Grand Korea Leisure runs three foreigner-only casinos in South Korea under the Seven Luck brand: two in the capital Seoul, and one in the southern port city of Busan.
The group is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to South Korea’s Ministry of Culture, Sports and Tourism.
GKL told GGRAsia in late April that it was working to recruit junkets – which it refers to as “VIP gaming partners” – for its gambling business. The move, the firm said, was “part of efforts” to meet a KRW503.8-billion annual revenue target by 2030.
