S. Korea's GKL Casino Sales Rise By 1 Pct in October

Grand Korea Leisure, a South Korean game operator, said its casino sales rose 1.0% year-on-year to 36.45 billion won in October.

On a month-on-month basis, casino sales fell 8.9% in October compared with September, according to data filed on Wednesday.

The year-on-year increase in casino sales was attributed to a 3.8 percent increase in table game sales to about 32.61 billion won in the month of October. In a filing with the Korea Exchange, the company said machine game sales fell 18.1 percent year-on-year to about 3.84 billion won.

The company's monthly update does not provide a comment on the reasons for the earnings change.

GKL's October results contrast with monthly sales recently released by its market rival Paradise Inc. On Monday, Paradise Inc. said casino sales in October were about 80.9 billion won, up 11.0% from a year earlier and 15.4% from 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, under the Seven Luck brand, runs three foreigner-only casinos in Korea, two in the capital city of Seoul and one in the southern port city of Busan.

The company said casino sales fell 2.0% year-over-year in the first 10 months of 2019 to just under 396.58 billion won.

Table game sales fell 2.7% to about 347.71 billion won during the period, while machine game sales rose 2.9% to 48.88 billion won.

GKL said in August its second-quarter net profit fell 26.2% year-on-year to 200.05 billion won. The company said its second-quarter revenue rose 1% year-on-year to 117.36 billion won.

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