The Seoul-based company posted a net profit of about $13.1 million in the first three months of 2020, but subsequent temporary closures linked to the ongoing coronavirus pandemic ended the year in a fourth-quarter loss in an area of $29.2 million, according to a report by GGRASIA. The source said Grand Korea Leisure Limited, a subsidiary of the Korea Tourism Organization, is located inside the Hilton Hotel of Korea’s foreign culture, and is the only three foreign casinos.
Grand Korea Leisure said first-quarter net sales fell 95.3% year-on-year and 64.7% quarter-on-quarter to about $4.7 million, with the Seven Luck brand venue in southern Busan closed for 12 weeks earlier this year due to COVID-related concerns.
But Grand Korea Leisure Ltd. reportedly made an official report last week to explain net casino sales in April rose 48.4 percent year-on-year to nearly $7.9 million, after its 650-room Lotte Hotel Busan gambling operations rose 1,074 percent month-on-month to $5 million in March.
South Korea’s casino industry saw its total gaming revenue fall 64.5% year-on-year to about $926.5 million in 2020 due to the upheaval of the coronavirus pandemic, GGRASIA said in a report Thursday. This is in line with a 71.3% drop in visitors from countries with a population of nearly 52 million, with the number of foreign tourists involved dropping 85.6% to 2,519,118.
A giant Paradise City integrated casino resort near the port city of Incheon and a Farada responsible for small hotel-based operations in Seoul, Busan and JejuIS COMPANY LIMITED SAYS 2020 NET SALES DOWN 57.3% Y/Y TO $299.5 MILLION. Likewise, Kangwon Land Co., Ltd., the only real estate operator in the country that can gamble with foreigners, reported a steeper profit of $759 million.