{"id":262701,"date":"2023-03-06T06:43:05","date_gmt":"2023-03-06T12:43:05","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=262701"},"modified":"2023-03-06T15:01:55","modified_gmt":"2023-03-06T21:01:55","slug":"south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/","title":{"rendered":"South Korea’s Casinos See Revenue Rebound in Latest Financial Report"},"content":{"rendered":"

After the lull COVID-19 brought to the region, South Korea’s foreigner-only casinos continue to see revenues rise. Grand Korea Leisure (GKL) indicated that its February sales were slightly over KRW36.77 billion (US$28.3 million) in its latest financial update last Friday. This was a 14.6% month-over-month increase and a 437.2% year-on-year jump.<\/p>\n

\"A
A Grand Korea Leisure Seven Luck casino in South Korea at night. Operators of foreign-only casinos in the country are seeing an increase in revenue. (Image: Inside Asian Gaming<\/em>)<\/figcaption><\/figure>\n

Table games saw the biggest improvement, adding almost 525% from a year earlier, collecting KRW34.32 billion (US$26.44 million). Gaming machines, with KRW2.46 billion (US$1.89 million), increased by 81.7% from a year ago but lost 18.6% from January’s total.<\/p>\n

The table drop across GKL’s three Seven Luck casinos in South Korea \u2013 two in Seoul and one in Busan \u2013 was KRW209.57 billion (US$161.45 million). This was a year-on-year increase of 153.3% but a month-over-month drop of 23.1%.<\/p>\n

\n

The first two months of the year followed an upward trend that was present for much of 2022. GKL reported KRW265.17 billion (US$204.28 million) in revenue last year, a year-on-year improvement of 196%. At the same time, it had a net loss of KRW22.74 billion (US$17.52 million).<\/p>\n<\/div>\n

That was still substantially better than the KRW113.2-billion (US$87.21 million) loss from 2021. In the last quarter of 2022, GKL saw significant improvements. It added 24.6% to its third-quarter revenue and 330% to its fourth-quarter revenue from a year earlier.<\/p>\n

Paradise Co. on the Mend<\/h2>\n

Paradise Co. and its four casinos in South Korea saw their revenue dip in February compared to the previous month. However, it still outperformed its figure from a year earlier.<\/p>\n

In February, casino revenue was KRW44.7 billion (US$34.5 million), 7.2% lower than in January. This was 163% higher than in February 2021. But a drop in table game and gaming machine action resulted in the slip.<\/strong><\/p>\n

February’s table drop was the main reason for the decline. It registered a month-over-month decline of 23.9%, closing at KRW362.4 billion (US$280 million). Table games lost 5.1% from January, slipping to KRW42.3 billion (US$32.6 million), and gaming tables reported a 33.2% drop to KRW2.36 billion (US$1.8 million).<\/p>\n

Looking at the bigger picture, the new year brings greater success overall. The combined revenue for the first two months was KRW92.8 billion (US$71.6 million), representing a 164% jump from January to February 2022.<\/p>\n

Shinhwa World Needs Support<\/h2>\n

Shin Hwa World Ltd., which called itself Landing International Development<\/a> until late last year, continues to struggle, although it’s also heading in the right direction. The company, which operates the Jeju Shinhwa World resort in Jeju, reported a loss for 2022, but not as big as the loss from 2021.<\/p>\n

In an update last week, the Hong Kong-based company said it will report a consolidated net loss for the year. It’s still crunching the numbers but added that despite still being in the red, it expects to see an improvement of around 65-85% over 2021.<\/p>\n

That year, it had a net loss of HKD1.06-billion (US$134.9-million). That was half the HKD2.12 billion (US$270.08 million) from 2021. Shin Hwa expects to release the final 2022 results sometime this month.<\/p>\n","protected":false},"excerpt":{"rendered":"

After the lull COVID-19 brought to the region, South Korea’s foreigner-only casinos continue to see revenues rise. Grand Korea Leisure (GKL) indicated that its February sales were slightly over KRW36.77 billion (US$28.3 million) in its latest financial update last Friday. This was a 14.6% month-over-month increase and a 437.2% year-on-year jump. Table games saw the […]<\/p>\n","protected":false},"author":64,"featured_media":262700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,33810],"tags":[81913,13363],"acf":[],"yoast_head":"\nSouth Korea's Casinos See Revenue Rebound in Latest Financial Report - Casino.org<\/title>\n<meta name=\"description\" content=\"South Korea's casinos continue to rebound as travel restrictions ease and more international tourism emerges.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea's Casinos See Revenue Rebound in Latest Financial Report - Casino.org\" \/>\n<meta property=\"og:description\" content=\"South Korea's casinos continue to rebound as travel restrictions ease and more international tourism emerges.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-06T12:43:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-06T21:01:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/A-Grand-Korea-Leisure-Seven-Luck-casino-in-South-Korea-at-night.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erik Gibbs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erik Gibbs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/\",\"url\":\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/\",\"name\":\"South Korea's Casinos See Revenue Rebound in Latest Financial Report - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/A-Grand-Korea-Leisure-Seven-Luck-casino-in-South-Korea-at-night.jpg\",\"datePublished\":\"2023-03-06T12:43:05+00:00\",\"dateModified\":\"2023-03-06T21:01:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/21bf33e35290a1da9c572298dac6b7ca\"},\"description\":\"South Korea's casinos continue to rebound as travel restrictions ease and more international tourism emerges.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/south-koreas-casinos-continue-to-rebound-as-travel-restrictions-ease\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/A-Grand-Korea-Leisure-Seven-Luck-casino-in-South-Korea-at-night.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/A-Grand-Korea-Leisure-Seven-Luck-casino-in-South-Korea-at-night.jpg\",\"width\":960,\"height\":540,\"caption\":\"A Grand Korea Leisure Seven Luck casino in South Korea at night. 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