GKL's third-quarter revenue fell 73.9% year-on-year to 34.78 billion won, the company reported unaudited quarterly results to the Korea Exchange on Monday. That's still up 49.4% from the second quarter.
The company recorded an operating loss of about 30.96 billion won in the three months to September 30, compared to 30.6 billion won in operating profit in the same period last year.
Gross sales in the January-September period of 2020 were 169.53 billion won, down 52.9% from a year earlier.
The company posted a net loss of 31.62 billion won in the nine months to Sept. 30, slightly above 54.08 billion won a year earlier.
GKL is a subsidiary of the Korea Tourism Organization, 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.
The company experienced a 43-day casino shutdown from March 24 to May 6, part of South Korea's response to the local spread of COVID-19.
Starting April 1, Korean travelers will have to undergo a 14-day quarantine upon arrival, according to a dedicated COVID-19 information website administered by the national government. According to industry commentary, some of Korea's foreigner-only casino players are Korean nationals who hold at least one other passport.
In a filing with the Korea Exchange last week, GKL said its cumulative annual casino sales through Oct. 30 fell 54.5 percent year-on-year to 180.54 billion won.
BY: 메이저사이트
