• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 11 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Grand Korea Leisure falls back into loss in 4Q22 on costs, despite strong revenue growth

Newsdesk by Newsdesk
Wed 15 Feb 2023 at 04:36
Casino revenues stabilize for Korea’s Paradise, GKL in November
7
SHARES
168
VIEWS
Print Friendly, PDF & Email

South Korean foreigner-only casino operator Grand Korea Leisure (GKL) reported a net loss of KRW8.9 billion (US$7.0 million) in the three months to 31 December 2022, reversing a KRW5.0 billion (US$3.9 million) profit recorded in the September quarter.

It was, however, a significant improvement on the KRW34.4 billion (US$27 million) loss in 4Q21 as the company continues to emerge from the COVID-19 pandemic. The loss was attributable to significantly higher cost of sales.

Releasing its 4Q22 results on Tuesday, GKL said revenue for the period was KRW92.8 billion (US$73 million), up 24.6% on Q3 and 330% on 4Q21.

This, it added, was on the back of a 212% year-on-year and 40.5% sequential increase in table drop to KRW767 billion (US$603 million).

While GKL didn’t provide any breakdown of its casinos revenues in Q4, it did provide details for the full year, which saw revenues climb 208% to KRW262.1 billion (US$206 million) and loss narrow from KRW113.3 billion (US$89 million) in 2021 to KRW22.7 billion (US$18 million) in 2022.

GKL revealed that Gangnam COEX in Seoul was the highest earning of its properties with table drop of KRW1.18 trillion (US$928 million) and take of KRW140.6 billion (US$111 million), while Gangbuk Millenium Seoul Hilton – which was closed down and moved to a new location in Seoul Dragon City at the end of December – recorded a 117% increase in table drop to KRW612.3 billion (US$481 million) with take of KRW101.9 billion (US$80 million). Table drop at Seven Luck Casino Busan Lotte was KRW198.4 billion (US$156 million), with take of KRW22.7 billion (US$17.8 million)

Total customers in the mass segment totalled 333,288 in 2022, a 66.4% year-on-year improvement, while VIP customers reached 75,747, a 64.1% increase on the prior year.

GKL runs its three foreigner-only casinos under the Seven Luck brand.

RelatedPosts

Philippines casino GGR up 630% quarter-on-quarter in 3Q20

PAGCOR: Manila’s Entertainment City casinos suffered combined 5.7% GGR decline in FY24

Tue 8 Apr 2025 at 13:55
Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Macquarie: Arrest of Macau casino hosts could impact Macau mass and premium mass markets in coming months

Tue 8 Apr 2025 at 06:12
Death by a thousand cuts

Star Entertainment Group agrees AU$300 million rescue deal with Bally’s

Mon 7 Apr 2025 at 13:23
Inside Thai IRs

Group who drafted Thailand’s 2007 charter claim casino bill could breach multiple laws

Mon 7 Apr 2025 at 06:02
Load More
Tags: BusancasinosGrand Korea LeisureprofitrevenueSeoulSeven LuckSouth Korea
Share3Share
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English