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Grand Korea Leisure Co Ltd (GKL), an operator in South Korea of foreigner-only casinos under the Seven Luck brand, has told GGRAsia it plans to continue having two casino venues in the country’s capital Seoul, despite media reports that one of its current host venues there is to be sold and demolished for redevelopment.
The GKL person, who asked not to be identified by name, said the firm had been doing contingency planning since last year, based on the possibility that the Millennium Hilton Seoul hotel (pictured) would be sold off. The person added that GKL’s lease on the casino facility there ran until “December 31, 2022”.
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Mohegan Mohegan Gaming & Entertainment experienced an 11.5% decline in net revenue during the quarter that ended March 31, while Mohegan Sun’s year-over-year net revenue for the same period was up 3.7%, the company reported Thursday.
MGE, the Mohegan Tribe’s global gaming enterprise, posted net revenue of $278.6 million in the quarter, down from $314.7 million in the same three months the previous year, during which the coronavirus pandemic struck. Compared to the same quarter in pre-pandemic 2019, the latest quarterly figure was down 9.4%.
Mohegan Sun in Uncasville, MGE’s flagship casino, had net revenue of $189 million in the quarter, up from $182.3 million a year ago and down 20.7% compared to the same quarter in 2019.
Grand Korea Leisure Ltd (GKL), a South Korean operator of foreigner-only casinos, reported a first-quarter net loss of KRW37.43 billion (US$33.4 million), compared with net income of just under KRW14.72 billion in the prior-year period. The company had reported a net loss of nearly KRW32.71 billion in the fourth quarter of 2020.
First-quarter sales at GKL decreased by 95.3 percent year-on-year to KRW5.27 billion, the firm said in a Tuesday filing with its unaudited quarterly results to the Korea Exchange. It was a 64.7-percent decline from the final quarter of 2020.
The company reported an operating loss of approximately KRW46.64 billion for the three months to March 31, compared with an operating profit of nearly KRW26.92 billion a year earlier.