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September 19, 2021

Revenue rose 6.9% to USD 137M

GKL profit falls

GKL profit falls
South Korean casino operator Grand Korea Leisure(GKL) has reported a 14.4% fall in Q1 profit as costs pushed down margins.
South Korea | 05/18/2015

South Korean casino operator Grand Korea Leisure(GKL) has reported a 14.4% fall in Q1 profit as costs pushed down margins.

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n the three months ending March 31, GKL says revenue rose 6.9% to KRW 149b (US $137m) but profit slipped to KRW 32.2b due to increased non-operating costs. GKL operates three foreigners-only casinos; two in Seoul and one in Busan. The Korean Casino

Association says GKL’s share of the country’s casino market was 41.4% in Q1.

GKL’s cost of recruiting and retaining gamblers rose 22% but Daiwa Securities analysts say GKL’s ranks of VIP gamblers rose 34.1% in Q1. Mass market gambling visitors from China were up 45% year-on-year while Japanese mass market numbers were up 11%. Chinese gamblers accounted for 41% of total visits and 57% of table game turnover.

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