S. Korea’s casino op GKL halves net profit in Q4 2018

South Korea’s Grand Korea Leisure Inc., which operates foreigner-only casinos in South Korea, said its net profit fell 51.8 percent year-on-year to about 6.85 billion won in the fourth quarter.

The company said its full-year net profit fell 3.5% to 77.74 billion won in 2018.

Total sales for the three months of 2018 were 118.4 billion won, down 12.4% year-on-year. The company’s operating profit for the period was 8.09 billion won, down 55.9% year-on-year.

The company did not comment on its quarterly results submitted to the Korea Exchange on Monday.

GKL is a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports and Tourism in Korea. The casino operator, under the Seven Luck brand, runs three foreigner-only casinos in Korea, two in the capital city of Seoul and one in the southern port city of Busan.

GKL appointed Yoo Tae-yeol as its new representative in June.

Last week, the company said casino sales fell 23.7% year-on-year to about 34.71 billion won last month. On a month-on-month basis, casino sales fell 3.8% in January compared with December.

The year-on-year drop in casino sales was largely due to table game sales falling 26.1 percent to 29.95 billion won in the month of January. Machine game sales also fell 4.4 percent year-on-year to about 4.77 billion won, the company said in a filing with the Korea Exchange.

BY: 온라인 슬롯

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