Casino Shares Take Off

GKL, operator of Seven Luck Casino conducts successful IPO at Korea Exchange to make it top casino in Asia

Grand Korea Leisure Co. (GKL) celebrated its successful initial public offering at the Korea Exchange on Nov. 19 hosted by the Korea Securities Market Headquarters at the Integrated Public Relations Hall at its new Seoul office in Yeouido.
President Kwon O-nam of the newly listed leisure company said GKL has decided to list its shares on the Korea Exchange under the third plan for advancing the development of state-run firms. He will try to lead the company to strengthen the tourism infrastructure for the public interest and at the same time boost its corporate value and increase its share price as a listed company.
Kwon continued that he will see that the company will have great performance results every year for the sake of shareholders who invested in the company’s core strengths and potential.
GKL is considered to have provided favorable opportunities for investors by listing its shares as well as bringing huge economic benefits to dining, lodging, transportation and other tourism related businesses, expanding the domestic market and thus making a contribution to the expansion of the national economy.
GKL had a good start on the first day of its listing with its per share price going over 12,000 won, which also boosted the share prices of the gambling companies.
GKL is the operator of “Seven Luck,” a casino exclusively for foreigners.
Seven Luck posted 400 billion won in annual sales as targeted this year and celebrated the early achievement at its Gangnam casino in Seoul on Nov. 23.
President Kwon, in his commemorative speech at the celebration, said all the officers and staff working for Seven Luck casino give all they have to make the casino a superb success and this party was a result of that continuous effort.
He said the casino would not be satisfied with the current level of its profits and would work harder to make progress in operations so that it will be a tourism hub earning valuable foreign currency and contribute to the development of tourism in the country, thus helping the economy. Furthermore, he said, the casino will try to be among the top-tier companies not only in Korea, but also in Asia.
Seven Luck Casino recorded 129.1 billion won in sales in its first year in 2006, 325.1 billion won in the following year and 391.3 billion won in 2008, posting an increase in sales every year since its opening.
During a media conference before the initial public offering on Nov. 3 at the 63 Building in Yeouido, Seoul, GKL explained to the media the method of the Nov. 19 IPO, its procedures, schedule and other details.
President Kwon said GKL will become a top casino enterprise in Asia realizing a public nature and profitability through its listing on the stock exchange.
In the meantime, the company held an IR session on Nov. 2 for the interest of both institutional and individual investors. nw

Officials of Grand Korea Leisure Co., the operator of Seven Luck Casino, celebrate the success of initial public offering on the Korea Exchange.