Grand Korea Leisure Company Limited reveals dismal financial results for 2021

According to recent reports, a well-known local casino operator in South Korea known as Grand Korea Leisure Company Limited has reportedly released its financial results for the entirety of 2021 showing that its annual gross gaming revenues had dropped by 51.8% year-on-year to approximately $74.93 million.

According to a report published by GGRAsia, the disclosure made by the Seoul-listed company comes after a year in which a number of casinos in South Korea were temporarily halted as a reaction to the continued threat posed by the coronavirus epidemic. According to the source, the announcement of the decline still caused the individual price of the operator's shares to quickly jump by around 9%, despite the fact that their worth is still in the neighborhood of 19% lower than where it was before the year started.

A trio that causes problems:

Reportedly run by Grand Korea Leisure Company Limited, the trio of Seven Luck casinos found within the Intercontinental Seoul Coex, Lotte Hotel Busan, and Millennium Hilton Seoul hotels are owned and operated by these three establishments. It was reported that the company made the announcement toward the end of the previous month that it had signed a contract to move its foreigner-only operation for this particular property to the nearby Seoul Dragon City Hotelplex development in anticipation of the host building's imminent demolition.

Ruffling reverse:

The Grand Korea Leisure Company Limited was apparently able to explain that its yearly gross gaming income from slots had decreased by 36.8% year-on-year to around $12.72 million. The company was established in 2004. To make matters even more difficult, the company is rumored to have stated that the about $62.21 million in twelve-month receipts from its extensive collection of gaming tables had equaled to a reduction of 54.1%.

December delight:

The Grand Korea Leisure Company Limited is a subsidiary of the Korea Tourism Organization, which is itself affiliated to the Ministry of Culture, Sports and Tourism of the Asian nation. Despite this, the company reportedly announced that its December gross gaming revenues increased by 147.7% month-on-month to just slightly more than $8.47 million. The operator reportedly also saw a 258.9% increase in its table game earnings for the 31-day month to around $7.34 million, although facing an associated 18.3% decline in slot takings to little less than $1.12 million.

Prior difficulties include:

In spite of this, it was claimed that Grand Korea Leisure Company Limited's gross gaming revenues dropped by an astonishing 57.3% year-on-year and 55.9% month-on-month to $3.41 million in November, bringing its total for the first eleven months to just below $66.36 million. However, the performance of the company's slot machines has improved by 17.5% year-on-year and 2.5% month-on-month to surpass $1.37 million. The company's gaming table receipts for this 30-day period are reported to have decreased by 40.1% year-on-year and by 68.1% sequentially to a mere $2.04 million.