GKL Reports Operating Profit of 5.4 Billion KRW in Q4 Last Year... "Turned to Black" (Comprehensive)

Reduced Total Operating Loss Last Year Compared to Previous Year
"Strengthening Business Environment This Year Including VIP Customer Acquisition"

Grand Korea Leisure (GKL) announced on the 14th that its consolidated operating profit for the fourth quarter of last year turned to a profit of 5.4 billion KRW, compared to an operating loss of 4.2 billion KRW in the same period of the previous year. During the same period, sales increased by 329.8% year-on-year to 92.8 billion KRW.

Photo by GKL

GKL's sales for last year reached 262.1 billion KRW, up 208.1% from 85.1 billion KRW the previous year. During the same period, the operating loss was recorded at 13.9 billion KRW, significantly reducing the loss compared to the previous year's operating loss of 145.8 billion KRW.

The easing of COVID-19 quarantine measures led to an increase in foreign tourists, which contributed to improved performance. Last year, GKL's casino drop amount (the amount customers paid to purchase chips) was 1.9872 trillion KRW, a 163.6% increase from 753.9 billion KRW in the same period of the previous year. During this period, casino sales also rose by 196% to 265.2 billion KRW from 89.6 billion KRW in the previous year.

The number of casino visitors increased by 66% to 409,000 compared to 246,000 in the same period last year. Notably, the number of Japanese customers surged by 1,594% to 33,000 compared to the same period last year.

On December 31 of last year, GKL relocated its Gangbuk business site in Seoul to the Yongsan Seoul Dragon City location. The new casino has a 20% larger exclusive area compared to the previous site, and the number of gaming tables was expanded from 50 to 55.

Thanks to the opening of the new venue, this year’s start is also promising. As of last month, the drop amount and sales at the Seoul Dragon City location reached 93.3 billion KRW and 14.9 billion KRW respectively, achieving the highest monthly performance for the Gangbuk business site since COVID-19.

This year, GKL plans to strengthen marketing efforts to attract Japanese VIP customers and continue customer acquisition activities in the Americas, Southeast Asia, and Mongolia. GKL stated, "We will strive to improve the internal and external business environment and maximize operating profit through increased sales."

This content was produced with the assistance of AI translation services.