Yesterday, Grand Korea Leisure Ltd, a Korean operator of foreigner-only casinos made a public release of their first-quarter financial results. Unfortunately, according to online casino reports, it was not good news for the company and their shareholders. This is because Grand Korea Leisure Reports First Quarter Losses despite having high hopes.
Grand Korea Leisure is a Korean operator of foreigner-only casinos that took a hard hit because of the COVID-19 pandemic. Furthermore, they are a subsidiary of the Korea Tourism Organization and part of the Ministry of Culture, Sports and Tourism. Therefore, according to online casino software companies, the loss also hurts the country’s revenue.
Grand Korea Leisure Reports First Quarter Losses of $33.4 Million
According to the report, Grand Korea Leisure Ltd saw a net loss of $33.4 Million (KRW37.43 billion). This is in comparison to the first quarter in 2020. furthermore, this further damage the company as they had previously shown a loss of KRW32.71 billion in the previous quarter.
The first-quarter sales report shows a decrease in sales by 95.3 percent year-on-year to KRW5.27 billion. In addition, casino reviews say the company was operating at a loss for the first three months of the year. Thus, it was operating at a KRW46.64 billion loss while last year they had an operating profit of KRW26.92 billion.
On the plus side, Grand Korea Leisure Ltd did show an increase in casino sales for the month of April. According to online gambling news, sales rose by 48.4% year-on-year to KRW8.83 billion. Furthermore, slot machines and other gambling machines sales were up 50.7% in comparison to the month of March. As for casino table games, the sales were just over KRW12.66 billion which is 87.3% lower than the previous year.
Grand Korea Leisure is showing optimism towards future earnings with the increase in sale in April. This is because if restrictions do not increase, they will be able to turn a profit.
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