Grand Korea Leisure said in a Korea Exchange filing that it has no plan to acquire a site or develop a casino resort in Seoul. The company said the prerequisites for a preliminary feasibility review have not been met and that it has not applied to the Ministry of Economy and Finance.
The clarification indicates that GKL is not currently advancing a proposed Seoul casino development or site acquisition.
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It was reported that Grand Korea Leisure’s second-quarter net income reached nearly KRW18.02bn. Earnings rose 6.2% year-on-year and 19.4% compared with the preceding quarter.
South Korean casino operator Grand Korea Leisure reported May sales of KRW43.13 billion, up 40.8% year on year and 7.3% from April, in a filing to the Korea Exchange. Sales for January to May totalled KRW189.97 billion, an 8.5% increase on the same period a year earlier.
Grand Korea Leisure reported casino sales of KRW38.08bn for February, 17.3% higher than in the same month a year earlier. Table-game sales rose 15.9% to KRW34.75bn, while gaming-machine sales increased 35% to KRW3.32bn, according to the company’s filing.
Grand Korea Leisure reported January casino sales of KRW36.6 billion, a 6.6% increase from the same month last year. Table-game sales rose 5.3% to KRW33.1 billion, while gaming-machine sales increased 19.9% to KRW3.5 billion.
KB Securities lowered its target price for Grand Korea Leisure shares from KRW13,000 to KRW10,000, citing uncertainty over investment and costs after the company renewed its Gangnam COEX casino lease for 10 years. Analyst Choi Yong-hyun called for capital spending to support longer-term growth ahead of MGM Osaka’s scheduled 2030 opening.