South Korea’s Grand Korea Leisure (GKL) has approved a KRW3.71 billion ($2.7 million) interim cash dividend and a KRW168.80 billion ($122.3 million) long-term lease arrangement for its Seven Luck Casino at Gangnam COEX in Seoul.
The South Korean foreigner-only casino operator will pay a dividend of KRW60 ($0.04) per share, according to filings submitted to the Korea Exchange on Tuesday.
The dividend yields of 0.64 percent. Shareholders registered as of August 27th will be eligible for the distribution, which is scheduled to be paid on September 10th.
In a separate decision, GKL approved the renewal of the lease for its existing Gangnam COEX casino premises. The company said the agreement would support the stable operation of the property and maintain its business base at the location.
The KRW168.80 billion ($122.3 million) disclosed in the filing represents the total rent payable over the lease period, rather than an immediate capital expenditure. The calculation excludes value-added tax, management fees and other charges.
GKL plans to recognize a right-of-use asset and corresponding lease liability under Korean accounting standards. The amounts eventually recorded in its financial statements may differ from the figure disclosed in the filing.
The investment period is listed as running from August 21st, 2026 to October 4th, 2035. Rent will be adjusted from October 2026 based on annual changes in South Korea’s consumer price index.
The decisions came as GKL reported preliminary second-quarter consolidated revenue of KRW120.45 billion ($87.3 million), up 19.3 percent year-on-year. Operating profit increased 30.5 percent to KRW20.84 billion ($15.1 million), while net profit rose 6.2 percent to KRW18.02 billion ($13.1 million).
