Grand Korea Leisure net profit down 60.3% in Q2

Grand Korea Leisure has reported net profit of KRW8.58bn (US$6.5m) for the second quarter of the year.

South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the second quarter of the year. It’s reported a 60.3 per cent sequential decline in net profit from KRW21.60bn (US$16.3m) to KRW8.58bn (US$6.5m). Profit for the first half totalled KRW30.18bn, compared to a net loss of KRW18.77bn last year.

Sales in Q2 reached KRW100.23bn, down 8.2 per cent quarter-on-quarter but up 108.5 per cent when compared to last year. Table-game sales dropped 8.6 per cent sequentially to KRW90.62bn (up 115.3 per cent in year-on-year terms).

Slot sales rose 17.5 per cent sequentially and 55.2 per cent annually to o KRW9.87bn. The casino drop was KRW836.01bn, up 10.9 per cent quarter-on-quarter. The table drop for the second quarter was KRW757.11bn, up 11.4 per cent from the first quarter and up 126.0 per cent from a year ago. The combined drop was up 116.1 per cent year-on-year.

The majority of the second-quarter table drop – KRW580.43bn – was due to VIP play. Of the VIP table drops, KRW236.14bn was from Japanese players, while Chinese players contributed KRW159.06bn. Compared to the first quarter, the mass-market table drop increased 6.8 per cent to KRW176.68bn.

For the first seven months of the year, Grand Korea Leisure has reported casino sales of KRW239.16bn (US$1.82bn), a rise of 93.9 per cent compared to the same period last year.