Grand Korea Leisure Inc. (GKL), which operates foreigner-only casinos in South Korea, said Friday its annual net loss of 113.27 billion won (US$94.7 million) in 2021, up 76.1 percent from 64.3 billion won in 2020.
The casino operator posted an operating loss of 145.83 billion won in 2021, compared with 88.81 billion won a year earlier, according to financial statements filed with the Korea Exchange.
In 2021, Grand Korea Leisure achieved sales of just under W85.1 billion, down 53.9% year-on-year. The company cited the prolonged closure of casinos and the absence of visitors from "major customer" sources as major factors behind last year's drop in sales.
Grand Korea Leisure is a subsidiary of the Korea Tourism Organization under the Ministry of Culture, Sports and Tourism. The casino operator, under the Seven Luck brand, operates three foreigner-only casinos in Korea: two in the capital city of Seoul and one in the southern port city of Busan.
The company said in separate data along with its full-year results that operations at its three Seven Luck casinos were temporarily suspended during 2021 due to the COVID-19 pandemic.
On Friday, the company reported a net loss of nearly 34.38 billion won in the fourth quarter, compared with 23.41 billion won in the previous quarter and 32.71 billion won in the same period last year.
The company's fourth-quarter revenue was 21.58 billion won, up 44.5% from a year earlier. However, sequentially measured, fourth-quarter revenue fell 14.6%.
BY: 카지노사이트 모음