South Korean casino operator Grand Korea Leisure Limited reported its third-quarter financial results, with total revenue rising 20.5 percent on-year to $117.8 million and net profit rising 22.9 percent to $24.3 million.
Grand Korea Leisure Company Limited is a subsidiary of the Korea Tourism Organization under the Ministry of Culture, Sports and Tourism, and operates three properties under the Seven Luck Casino brand exclusively for foreigners in international hotels in Seoul and Busan.
The Seoul-based company was established in 2004 to attract more foreign tourists to Korea while improving the "international competitiveness" of the local casino industry, and its operating profit rose 30.4 percent on-year to about $30.3 million in the three months to the end of September.
According to a report by GGRASIA, South Korean casino operators were negatively affected by a drop in foreign tourists to South Korea following the outbreak of Middle East Respiratory Syndrome last year, and Grand Korea Leisure Limited saw its shares fall slightly last week due to media reports that Chinese authorities may be ready to curb some overseas tours.
A statement from brokerage Daiwa Securities Group quoted by GGRASIA said, "Grand Korea Leisure reported a high number of visitors from Japan and China, but higher labor and praise costs." "The management expects Grand Korea Leisure's visible and stable revenue growth to continue on the back of an increase in casual gamers in Asia and VIP gamers in Japan."
In the first nine months of this year, Grand Korea Leisure Limited reported gross sales of $351.6 million, up 4.5% year-over-year, with net profit up 9.4% to $70.5 million and operating profit up 11.7% to $95 million. 슬롯머신
Daiwa Securities Group said, "Grand Korea Leisure [Company Limited] aims to expand the existing casinos in Seoul and Busan, increase casino table utilization, and diversify its gamer mix into non-Chinese gamers."
