South Korea’s state mint has agreed to use its advanced anti-forgery technology to develop a new line of chips for Grand Korea Leisure, the operator of Seven Luck casino.
According to reports, a memorandum of understanding was signed between Korea Minting and Security Printing Corporation and Grand Korea Leisure (GKL) on Monday, which will involve the use of three-dimensional security technology and special sensitive materials, the technology currently used for regular currency.
South Korea’s three major operators are likely to come through the economic downturn caused by the Covid-19 pandemic without too much difficulty, but the smaller and weaker operators on the island of Jeju may face a much tougher time, analysts say.
South Korea's economy returned to growth in the third quarter, expanding by 1.9 percent, in the fastest expansion since the first quarter of 2010, according to figures released by the Bank of Korea.
Kim Hyun-yong, a researcher at Hyundai Motor Securities, explained to the local media that there was little chance for Grand Korea Leisure, which depends on foreign patrons for its casinos, could reach the break-even point this year, and that operating losses will continue.
Grand Korea Leisure has reported September sales at KRW9.4 billion (US$8.1 million), a figure that was down over 76 percent from the 2019 numbers. Of the firm’s three locations, the Seoul Hilton Casino turned in the best results with KRW5.3 billion, down nearly 74 percent, slightly better than the Seoul Gangnam Casino which saw its […]
South Korea’s National Pension Service has been reducing its stake in Grand Korea Leisure, a movement attributed to concerns that Covid-19 will exercise a long-term impact on GKL’s ability to generate profits. Since the beginning of April, public disclosures revealed that the NPS stake in GKL has been reduced from 13.05 percent to 9.93 percent, […]
Grand Korea Leisure and Kangwon Land, both of them government operated enterprises, have entered into an agreement on the limited exchange of personnel as part of the government’s strategy to cultivate its human resources. The agreement will launch from a modest level, with only one employee from each organization being dispatched to the other for […]
Grand Korea Leisure saw its sales drop again in August from the prior month after showing signs of a month-on-month improvement in July.
All three of the major South Korean casino operators booked substantial financial losses in the April-June period as a result of Covid-19. Kangwon Land, which operates the only casino in the nation at which locals may gamble, but which had a very long business suspension period, recorded sales of only 34.6 billion won (US$29.1 million), […]
State-backed Grand Korea Leisure has reported KRW14.2 billion (US$11.9 million) in total sales for the month of July. This compared to KRW41.1 billion in the same period in 2019, representing a 65 percent year-on-year decrease. However, compared to the KRW12.5 billion recorded in June, the sales figure represented a recovery of 13.6 percent. By location, […]
Grand Korea Leisure saw casino sales in June rise 20.5 percent from the prior month, boosted by revenue from table games, although they showed a drop of 68 percent from the prior year.