GKL reports US$20.5m loss in Q3

11/09/20

The South Korean operator of foreigner-only casinos saw a 49.9 per cent improvement in sales in the third quarter.

South Korea.- Grand Korea Leisure has reported a KRW22.78bn (US$20.5m) loss for the third quarter of 2020.

The company had reported a net loss of KRW23.56 billion in the second quarter of the year.

In the three months ending September 30, casino sales improved 49.4 per cent compared to the previous quarter, reaching KRW34.76bn (US$31.1m). However, sales remained down by 73.9 per cent year-on-year.

In Q2, the company’s financial results were affected by the closure of its venues in Seoul and Busan for 43 days due to Covid-19 restrictions.

In the first nine months of 2020, Grand Korea Leisure accumulated a loss of KRW31.62bn (US$28.3m), with casino sales down 52.9 per cent to KRW169.58bn.

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