Grand Korea Leisure (A114090) Q3 2024 earnings summary

Executive summary

• Operates three foreigner-only casinos in Seoul and Busan, with 24/7 operations and a focus on Asian markets, especially Japan and Greater China.

• 2024 Q3 revenue was 290.5 billion KRW, down 5.0% year-over-year; operating income and net income fell 36.8% and 34.6%, respectively.

• Casino sales account for 99% of revenue, with the remainder from currency exchange.

• The company maintains strong risk management and compliance with regulatory requirements.

Financial highlights

• Q3 2024 revenue: 290.5 billion KRW (down 5.0% YoY).

• Operating income: 32.9 billion KRW (down 36.8% YoY).

• Net income: 27.6 billion KRW (down 34.6% YoY).

• Total assets: 601.3 billion KRW (down 6.0% from year-end 2023).

• Casino drop amount increased 13.5% YoY, but casino sales declined 6.0% YoY.

Outlook and guidance

• The domestic casino industry is recovering post-COVID, with foreign tourist numbers rebounding and further growth expected.

• The company is expanding digital marketing and diversifying its customer base to adapt to competitive pressures.