Situații financiare dezamăgitoare din primul trimestru pentru Grand Korea Leisure Company Limited

In Coreea de Sud și operator local de cazinou 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 pandemie coronavirusă saw it finish the year with a fourth-quarter deficit in the region of $29.2 million. Sursa 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 Seul, Intercontinental Seoul Coex și Hotelul Lotte din Busan proprietăți.

Damaging directives:

Grand Korea Leisure Company Limited reportedly suffered earlier this year as its Şapte noroc-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 Seul only re-opened from Martie 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 de milioane de.

Reînvierea recentă:

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 de milioane de. This purportedly followed a February in which its gambling operation inside the 650-room Hotelul Lotte din 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 de milioane de.

Larger lethargy:

GGRAsia used un raport de joi to divulge that the casino industry in Coreea de Sud saw its aggregated gaming revenues for 2020 tumble by 64.5% year-on-year to around $ 926.5 de milioane de 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 Orașul paradis statiunea cazinou integrata langa orasul-port of Incheon as well as smaller hotel-based operations in Seul, Busan și Jeju, reportedly chalked up a decline of 57.3% year-on-year in net 2020 sales to $ 299.5 de milioane de. În mod similar, Kangwon Land Incorporated, which runs the only property in the nation where locals are allowed to gamble alongside foreigners, Cazinoul Kangwon Land, purportedly experienced an even steeper 70% diminution to $ 395.8 de milioane de.

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