South Korea – Grand Korea sees huge second quarter improvementBy Phil - 11 August 2016
South Korean operator Grand Korea Leisure enjoyed a 38.1 per cent year-on-year increase in net income to KRW25.6bn (US$23.1m) in the second quarter of 2016.
The company, which operates Seven Luck Casino, with branches in Seoul Gangnam, Millennium Seoul Hilton and Busan Lotte, reported that revenue for the period was up 5.4 per cent to KRW 129bn. Operating income increased 44.8 per cent compared to last year reaching KRW 31.4bn.
The swing in results were benefited from coming from a low-base last year when operations were hit by an outbreak of Middle East respiratory syndrome along with the Chinese government’s austerity measures.
The operator believes growth in casino revenues will be stable going forward.