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GKL bucks trend with 68.3 percent Q1 profit gain

Grand Korea Leisure, the operator of South Korea’s Seven Luck casinos, reported a 68.3 percent jump in Q1 revenue, bucking the trend for dismal quarterly results.

The company had net income of 14.7 billion won ($12.1 million.) Its operating profit for the period was 26.9 billion won, up from 17 billion won a year earlier. However, revenue edged up just 2.1 percent to 111.5 billion won.

According to the Yonhap news agency, the company’s operating profit was 60.4 percent higher than the average estimate from its Yonhap Infomax financial data firm.

The operator, which is a unit of the Korean Tourism Organization, gave no commentary with the results announcement that was provided to the Korean Stock Exchange. 

GKL closed its casinos on March 24 due to the coronavirus and announced it was reopening on May 7. For the month of March, the operator reported a 72 percent drop in sales, implying a strong start to the year before the pandemic hit.

GKL operates three foreigner-only Seven Luck casinos. 

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