South Korean casino operator, Grand Korea Leisure (GKL), has unveiled that its net income in the second quarter of 2023 amounted to KRW8.58 billion (US$6.5 million). As reported by Inside Asian Gaming (IAG), the figure reached in the quarter that ended 30 June 2023 represents a 60.3% decline when compared to the prior quarter. The Q2 2023 result, however, reportedly sets off the KRW7.99 billion (US$6.1 million) loss experienced over the same period in 2022.
Sales Decline:
The same source reports that the company’s sales in the given period reached the level of KRW100.2 billion (US$76.0 million), which is 8.2% lower performance than Q1. Still, the second quarter of 2023 was reportedly 109% stronger than the second quarter of 2022 across the company’s three properties in Seoul and Busan run under the Seven Luck brand. As GGRAsia reports, Grand Korea Leisure is a subsidiary of the Korea Tourism Organization, which is governed by the South Korea’s Ministry of Culture, Sports and Tourism.
IAG reports that the operator generated KRW90.6 billion (US$68.7 million) in table games over the given quarter to see a 8.6% quarter-on-quarter decline while slot sales recorded a bounce of 17.5% to get to the KRW9.87 billion (US$7.5 million) post. On the other side, casino net gaming revenues reportedly increased by 10.9% to settle at the to KRW836.0 billion (US$634 million) level in the Q2 2023, while the mass table income grew by 6.8% to KRW176.7 billion (US$134 million).
VIP Segment Improved:
As reported, GKL said that the Japanese and Chinese players made a significant contribution to the operator’s handle in two casinos located in the capital of Seoul and one in Busan. They reportedly spent KRW236.1 billion (US$179 million) and, respectively, KRW159.1 billion (US$121 million) on VIP table games to help the company record a decent profit in the second quarter of 2023.
$23 Million Profit:
It means that despite the overall decline of the GKL’s net income in the Q2 having been around 60 % below the Q1 2023 figures, the operator achieved a profit of KRW30.2 billion (US$22.9 million) in the first half of the year 2023. Similar to the Q2 2023 results, the H1 2023 company’s performance compensates for the loss of KRW18.8 billion (US$14.3 million) sustained in H1 2022.
60% Lower Gross Gaming Revenues:
Also, the gross gaming revenue figures followed the net income to record a 59.6% decline on a quarter-on-quarter to KRW11.0 billion (US$8.3 million) as of 30 June 2023.
Based on the above data, Grand Korea Leisure reportedly said that it will introduce additional promotional efforts to bring more VIP casino customers from overseas to its gaming tables. As GGRAsia reports, such activities will focus on the Japanese cities of Tokyo and Osaka, as well as the customers from Taiwan, Mongolia, and Southeast Asia.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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