June revenues boost for Grand Korea Leisure Company Limited

Home » June revenues boost for Grand Korea Leisure Company Limited

In South Korea and local casino operator Grand Korea Leisure Company Limited has reportedly announced that its aggregated gross gaming revenues for June rose by 45.6% month-on-month to top $13.1 million.

According to a report from GGRAsia, the result for the Seoul-headquartered firm was far better than the roughly $7.1 million it chalked up for May while being some 18.7% higher when set alongside the about $10.6 million it brought in for the same 30-day period in 2020. The source detailed that the operator is a subsidiary of the Korea Tourism Organization, which is itself affiliated with the Asian nation’s Ministry of Culture, Sports and Tourism, and is responsible for a trio of foreigner-only casinos located inside the Millennium Hilton Seoul, Intercontinental Seoul Coex and Lotte Hotel Busan properties.

Machines diminution:

Grand Korea Leisure Company Limited reportedly furthermore explained that June had seen its aggregated gaming table receipts swell by 60.6% month-on-month and 27% year-on-year to reach approximately $11.7 million. However, the operator purportedly went on to disclose that its combined slot takings had experienced a drop of 24% sequentially and 19.3% when compared with the same month in 2020 to slightly beyond $1.3 million.

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Longer lag:

GGRAsia reported that Grand Korea Leisure Company Limited suffered earlier this year as its Seven Luck-branded operation in the southern city of Busan was shuttered for a twelve-week period from November 24 owing to coronavirus-related concerns while its pair of sister Seoul enterprises were only permitted to re-open from March 15. As such and the firm purportedly moreover divulged that its first-half aggregated gross gaming revenues now stood in the region of $35.5 million, which equates to a decline of some 69.7% year-on-year, courtesy of associated 71% and 59.3% plunges in its six-month gaming table and slot receipts to around $30.2 million and $5.2 million respectively.

Upcoming optimism:

In its report on the matter and Inside Asian Gaming reported that Grand Korea Leisure Company Limited is now hoping that the June results herald the long-awaited start to its recovery from the financial impacts of the coronavirus pandemic. This revival could well be helped by the ‘travel bubble’ recently established between South Korea and the American territory of the Commonwealth of the Northern Mariana Islands and the potential that this scheme could soon be enlarged to encompass the city-state of Singapore.

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Relocation prospect:

Such a revitalization could reportedly also aid Grand Korea Leisure Company Limited as it formulates what to do regarding the future of its Seven Luck-branded operation inside the Millennium Hilton Seoul. This 30,569 sq ft enterprise purportedly faces the real prospect of being closed for good after its landlord unveiled a plan that is to see its 22-story host venue torn down to be replaced by a new commercial office building.


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