Grand Korea Leisure suffers widened US$94 million loss in 2021

South Korean foreigner-only casino operator Grand Korea Leisure (GKL) has reported a loss attributable to shareholders of the parent company of KRW34.38 billion (US$28.7 million) in 4Q21, slightly wider than the KRW32.71 billion (US$27.3 million) loss reported a year earlier and 46.8% more than the KRW23.41 billion in Q3 (US$19.5 million).

According to details published with the Korea Exchange on Friday, the 4Q21 results takes GKL’s FY21 loss to KRW113.27 billion (US$94.4 million) – 76.1% more than in 2020.

The company, which operates three casinos – Gangnam COEX and Gangbuk, Millenium Seoul Hilton in Seoul, and Seven Luck Casino Busan Lotte – has been plagued by repeated property closures throughout the COVID-19 pandemic. It also continues to be impacted by the closure of international borders.

Sales in the December quarter grew 44.5% year-on-year to KRW21.58 billion (US$18.0 million), although this was down 14.6% on Q3. For the year as a whole, sales fell 53.9% to KRW85.09 billion (US$70.9 million).

Source: https://www.asgam.com/index.php/2022/02/14/grand-korea-leisure-suffers-widened-us94-million-loss-in-2021/