GKLS Korea casino sales drop 51 pct in Nov

Casino sales at Grand Korea Leisure Inc., which operates foreigner-only casinos in South Korea, fell 50.6 percent from October to below 5.49 billion won (US$500,000) in November, down 87.8 percent year-on-year, according to data submitted to the Korea Exchange on Thursday.

As a result, casino sales slowed compared with October, when they were up 18.0% month-over-month, with a moderate to 69.5% decline compared to the same month last year.

Grand Korea Leisure is a subsidiary of the Korea Tourism Organization (KTO), which is affiliated with the Ministry of Culture, Sports and Tourism in Korea. The casino operator operates three foreigner-only casinos in Korea under the Seven Luck brand, two in the capital city of Seoul and one in the southern port city of Busan.

With COVID-19 cases rising in South Korea, especially in Seoul, the Central Disaster and Safety Countermeasures Headquarters decided to tighten so-called social distancing protocols nationwide in the second half of November, and stricter measures have so far been considered than applied to Seoul and surrounding areas.

South Korea's stepped-up COVID-19 response measures have affected casino businesses across the country. Grand Korea Leisure confirmed in a filing earlier this week that it will close its Lotte concert hall in Busan from 12 a.m. on Tuesday (Dec. 1) to 9 a.m. on Dec. 15, due to efforts to limit the local spread of the coronavirus that causes COVID-19.

Grand Korea Leisure said in a Nov. 22 filing with the Korea Exchange that its two resorts in the Seoul metropolitan area, Gangnam COEX Seoul and Gangbuk Millennium Seoul Hilton (file photo), will close from 12 a.m. on Nov. 24 to 9 a.m. on Dec. 8 for the same reason.

As a result of the three temporary closures, the company said it estimated the related economic losses would reach 5.5 billion won, compared with the average daily net sales from July to September.

GKL's table game sales in November were nearly W4.09 billion, down 55.4% from the W9.16 billion it achieved in October, and down 89.9% year-over-year.

Machine game sales were below 1.4 billion won in November, down 28.3% month-on-month and down 70.2% from nearly 4.69 billion won recorded in November 2019.

Accumulated casino sales in the first 11 months of 2020 were just over 186.02 billion won, down 57.9% from 441.58 billion won tallied in the same period of 2019, data showed last month.

Accumulated table game sales so far this year were KRW 161.91 billion, aggravating 58.3% to KRW 388.02 billion during the same period in 2019.

Compared to the previous year, cumulative machine game sales were 24.11 billion won, down 55.0% from 53.56 billion won in 2019

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