Grand Korea Leisure Company Limited esimese kvartali finantsnäitajad on pettumust valmistavad

In Lõuna-Korea ja kohalik kasiinooperaator Grand Korea Leisure Company Limited has reportedly released its first-quarter financial results showing that its loss for the three-month period had increased by over 354% year-on-year to slightly beyond $33.4 million.

According to a report from GGRAsia, the Seoul-headquartered firm recorded a net profit of about $13.1 million for the initial three months of 2020 but subsequent temporary closures associated with the ongoing koroonaviiruse pandeemia saw it finish the year with a fourth-quarter deficit in the region of $29.2 million. Allikas detailed that Grand Korea Leisure Company Limited is a subsidiary of the Korea Tourism Organization, which is itself affiliated to the Asian nation’s Ministry of Culture, Sports and Tourism, and is responsible for a trio of foreigner-only casinos located inside the Millennium Hilton Seoul, Mandritevaheline Seoul Coex ja Lotte hotell Busan omadused.

Damaging directives:

Grand Korea Leisure Company Limited reportedly suffered earlier this year as its Seitse õnne-branded venue in the southern city of Busan was shuttered owing to coronavirus-related concerns for a twelve-week period from November 24 while its pair of sister enterprises in Seoul only re-opened from märtsil 15. As such and the company purportedly experienced a decline of 95.3% year-on-year and 64.7% quarter-on-quarter in net first-quarter sales to roughly $ 4.7 miljonit.

Hiljutine taaselustamine:

However, Grand Korea Leisure Company Limited reportedly used an official filing last week to express optimism regarding the future and explain that its net casino sales for April had risen by 48.4% year-on-year to almost $ 7.9 miljonit. This purportedly followed a February in which its gambling operation inside the 650-room Lotte hotell Busan booked revenues of just $448,000 before company-wide receipts recorded a swell of 1,074% month-on-month in March to top $ 5.3 miljonit.

Larger lethargy:

GGRAsia used neljapäevane aruanne to divulge that the casino industry in Lõuna-Korea saw its aggregated gaming revenues for 2020 tumble by 64.5% year-on-year to around $ 926.5 miljonit owing to the upheaval of the coronavirus pandemic. The fall in the nation of nearly 52 million people purportedly coincided with a 71.3% drop in visitations to 1,760,232 and an associated 85.6% decline in the number of foreign tourists entering the country to 2,519,118.

Compatriot crashes:

Paradise Company Limited, which is responsible for the giant paradiisi linn integreeritud kasiinokuurort sadamalinna lähedal Incheon as well as smaller hotel-based operations in Seoul, Busan ja Jeju, reportedly chalked up a decline of 57.3% year-on-year in net 2020 sales to $ 299.5 miljonit. Samamoodi Kangwon Land Incorporated, which runs the only property in the nation where locals are allowed to gamble alongside foreigners, Kangwon Landi kasiino, purportedly experienced an even steeper 70% diminution to $ 395.8 miljonit.

Source: https://news.worldcasinodirectory.com/disappointing-first-quarter-financials-for-grand-korea-leisure-company-limited-94173