GKL cuts Q2 net loss to $15.5 million as revenue surges

Grand Korea Leisure Inc. (GKL), a foreign-only casino operator in South Korea, reported a net loss of 18.06 billion won in the second quarter, compared with a loss of 23.56 billion won a year earlier. The company reported a net loss of about 37.43 billion won in the first quarter of 2021.

GKL's second-quarter revenue rose 41.8 percent year-on-year to about 32.98 billion won, the company reported unaudited quarterly results to the Korea Exchange on Thursday. That's up 525.8 percent from the first three months of 2021, when the company's casino venues were shut down for an extended period of time.

The company recorded an operating loss of about 25.9 billion won in the three months to June 30, slightly over 32.1 billion won in the same period last year.

GKL is a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports and Tourism in Korea. The casino operator operates three foreigner-only casinos in Korea under the Seven Luck brand, two in the capital city of Seoul and one in the southern port city of Busan.

Casino sales fell 48.5% month-on-month to 7.57 billion won in July, GKL said in a filing with the Korea Exchange last week.

The company has suspended operations at two casinos in Seoul several times during July as a countermeasure against the pandemic.

Grand Korea Leisure's casino sales in January-July 2021 were 47.86 billion won, down 67.5% year-on-year.

BY: 토토사이트