South Korean casino operator Grand Korea Leisure Limited reportedly saw its total game sales fall slightly more than 3.5 percent on-month to about $8.1 million in January.
The Seoul-based company grossed $8.4 million in game revenue in the last month of 2021, up about 147.7% from its November tally despite the government's decision to introduce various new measures to stem the spread of the coronavirus pandemic, according to a report by GGRASIA.
Established in 2004, the Grand Korea Leisure Company reportedly operates three Seven Luck-branded casinos in Korea's Intercontinental Seoul COEX, Lotte Hotel Busan and Millennium Hilton Seoul Hotel, which it announced late last year that it would move its foreign-only operations to the nearby Seoul Dragon City Hotel Complex.
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Grand Korea Leisure Industry Co., Ltd. is a subsidiary of the Korea Tourism Organization under the Ministry of Culture, Sports and Tourism, with total table game revenue reportedly down 7.5% month-on-month to about $6.8 million in January, but the unstable drop was partly offset by a similar 18% increase in company sales to about $1.3 million, the sources said.
The Grand Korea Leisure Company's January results came just days after the Ministry of Culture, Sports and Tourism said total game revenue for the country's 16 foreign-only casinos fell 31.9% year-on-year to about $339.2 million in 2021. Nevertheless, it excluded Kangwon Land Casino, which is known to have increased by nearly $74,456 million, with nearly 74 million tourists in the country known to be able to gamble.
The five-star Kangwon Land casino facility operated by Kangwon Land recorded about $984 million in 2012, up 13.4% from the previous year. This comes despite the company's most recent full-year tally, down 46% from $1.2 billion recorded 12 months ago in 2019, it said.
Further highlighting the negative impact of the coronavirus pandemic, GGRASIA reported last year's tally of total gaming revenue at South Korea's 17 casinos amounted to a significant 59.7% slump, compared with just over $2.4 billion for the whole of 2019.