The Coronavirus has not been kind to casinos in Korea, but things may be turning around. According to a casino report, Grand Leisure Casino (GKL) may once again become a profitable gambling operation. This is because of an announcement where Grand Leisure Casino Posts $5.3 Million in Revenue for March 2021.
This announcement comes shortly after the reopening of its casinos in Seoul back in February of 2021. Even though it is a small amount in comparison to normal casinos, it is still a large improvement for them. Especially since GKL had lost $58 million in revenue in 2020 because of the pandemic.
Grand Leisure Casino Posts $5.3 Million in Revenue for March
GKL is a casino in Korea that is only for foreigners and is thus not available to Koreans. Therefore, it relies heavily on tourism to make a profit. Unfortunately, the road to increasing their revenue has been slow and difficult this year.
According to online casino news, they only made KRW507m in revenue in February of 2021. This is because they only had Seven Luck Casino Busan Lotte operational at the time. Since then, GKL now has all three of its casinos in operation. Thus, they are now able to make somewhat of a profit. Their three casinos are the Gangbuk Hilton, the Seven Luck-branded Gangnam COEX and Seven Luck Casino Busan Lotte.
Both Seoul casinos had been shutdown since November of 2020 because of social distancing protocols in the Seoul metropolitan area.
Even though they are now open, the revenue for March 2021 is 49% lower than the revenue in March 2020. Furthermore, the slot machine sales for March 2021 were KRW972m which is 48% lower. On the other hand, their cumulative casino sales for the three months to 31 March were KRW6.46bn. Thus, it was a 95% decrease in comparison to the same time-period in 2020.
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