In South Korea and well-known local casino operator Grand Korea Leisure Company Limited has reportedly released its financial results for the whole of 2021 showing that its annual gross gaming revenues had dropped by 51.8% year-on-year to approximately $74.93 million.
According to a report from GGRAsia, the revelation from the Seoul-listed firm comes after a year in which many South Korean casinos were temporarily closed in response to the ongoing threat from the coronavirus pandemic. The source detailed that news of the slump nevertheless saw the individual price of the operator’s shares immediately rise by some 9% although their value is still in the region of 19% below where they started the year.
Troublesome trio:
Grand Korea Leisure Company Limited is reportedly responsible for a trio of Seven Luck-branded casinos located inside the Intercontinental Seoul Coex, Lotte Hotel Busan and Millennium Hilton Seoul hotels. The company purportedly announced late last month that it had inked a deal to relocate its foreigner-only operation for this latter property to the nearby Seoul Dragon City Hotelplex development in the face of its host’s impending demolition.
Ruffling reverse:
Established in 2004, Grand Korea Leisure Company Limited reportedly explained that its annual gross gaming revenues from slots had declined by 36.8% year-on-year to about $12.72 million. To make matters worse and the firm purportedly disclosed that the roughly $62.21 million in twelve-month receipts from its large collection of gaming tables had equated to a decrease of 54.1%.
December delight:
Grand Korea Leisure Company Limited is a subsidiary of the Korea Tourism Organization, which is itself affiliated to the Asian nation’s Ministry of Culture, Sports and Tourism, and reportedly nonetheless heralded a swell of 147.7% month-on-month in its December gross gaming revenues to slightly beyond $8.47 million. The operator purportedly furthermore basked in a 258.9% improvement in its table game receipts for the 31-day month to around $7.34 million although experiencing an associated 18.3% slump in slot takings to just shy of $1.12 million.
Preceding problems:
However, all of this reportedly came after a November in which Grand Korea Leisure Company Limited’s gross gaming revenues had deteriorated by a surprising 57.3% year-on-year and 55.9% month-on-month to $3.41 million to take its eleven-month tally to just below $66.36 million. The company’s gaming table receipts for this 30-day period purportedly plummeted by 40.1% year-on-year and 68.1% sequentially to a mere $2.04 million although its slot performance improved by 17.5% year-on-year and 2.5% month-on-month to surpass $1.37 million.