Grand Korea Leisure, operator of three foreigner only casinos in South Korea, saw a net loss of US$7m in the three months to December 31 2022, from a US$3.9m profit in the previous quarter.
For the year as a whole though revenues soared by 208 per cent US$206m with the loss lessening to US$18m in 2022.
Its best performing casino was Gangnam COEX in Seoul which generated table revenues of US$928m whilst its Gangbuk Millenium Seoul Hilton licence benefitted from a relocation to Seoul Dragon City in December with a 117 per cent surge in table revenue to US$481m. Its other casino, Seven Luck Casino Busan Lotte brought in table revenue of US$156m.
Attendance improved in the mass segment with a 66.4 per cent increase to 333,288 in 2022 with VIP customers hitting 75,747, marking a 64.1 per cent jump.