South Korean casino operator Grand Korea Leisure Company Limited reportedly saw its aggregated gross gaming revenues for April drop by 34.6% year-on-year and almost 81% sequentially to a very disappointing $4.52 million.
According to a report from Inside Asian Gaming, the Seoul-headquartered casino firm chalked up $7.01 million in aggregated gross gaming revenues for April of last year while its tally for the most recent March surpassed $23.59 million following a very pleasing swell of some 334% month-on-month. Most worrying and the source also detailed that last month’s crash came despite the fact that the government of South Korea had dropped a restrictive seven-day quarantine requirement for all international arrivals.
Established in 2004, Grand Korea Leisure Company Limited is reportedly responsible for a trio of Seven Luck-branded casinos located inside South Korea’s Intercontinental Seoul Coex, Lotte Hotel Busan and Millennium Hilton Seoul hotels. The company purportedly announced late last year that it had inked a deal that will see its foreigner-only operation inside this latter property relocated to the nearby Seoul Dragon City Hotelplex development in the face of its host’s impending demolition.
Grand Korea Leisure Company Limited is a subsidiary of the Korea Tourism Organization, which is itself affiliated to the Asian country’s Ministry of Culture, Sports and Tourism, and reportedly saw its aggregated April gaming table receipts plummet by 86.6% month-on-month to about $2.97 million after these had swollen by 408.5% in March to roughly $22.17 million. To make matters worse and the source moreover disclosed that the prominent operator’s combined table drop for the 30-day month had sunk by 17.9% sequentially to just $83.36 million.
For its part and GGRAsia used a Wednesday report to explain that Grand Korea Leisure Company saw its aggregated gross gaming machine revenues for April increase by 12.5% month-on-month to a little beyond $1.61 million after the March figure had come in at approximately $1.43 million. This source furthermore divulged that the optimistic result equated to a year-on-year boost of 29.8% although the comparable period had been plagued by temporary closures and increased social distancing regulations associated with South Korea’s fight against the coronavirus pandemic.
For the first four months of the year and Grand Korea Leisure Company Limited has now reportedly chalked up aggregated gross gaming revenues of nearly $41.32 million, which represents an upturn of 240.5% year-on-year. Finally, Inside Asian Gaming asserted that the company’s table drop over the course of the same four-month period now stands 238.6% higher at $312.25 million.