Grand Korea Leisure Co Ltd (GKL), a prominent operator of casinos designated for foreigners in South Korea, has experienced a significant uptick in its casino revenue figures for August. In a September 2 filing to the Korea Exchange, the company disclosed that its earnings for the month soared to approximately KRW41.28 billion (US$30.8 million). This marks a robust 114.7 percent increase compared to July’s figures and a 23.6 percent enhancement over the same month in the previous year.
In-depth analysis of gaming revenue:
As GGRAsia reports, the revenue from table games was particularly strong, with earnings reported at KRW38.10 billion. This amount represents a staggering 130.0 percent surge from the preceding month and a 26.2 percent improvement year-over-year. On the other hand, the machine games also showed positive dynamics, generating nearly KRW3.18 billion in revenue, which is a 19.4 percent month-on-month increase, albeit maintaining a nearly flat growth compared to the same period last year.
Amid these revenue figures, GKL announced its decision to issue an interim dividend, the first since the fiscal year 2019—the period just before the global disruptions caused by the Covid-19 pandemic. This move underscores the company’s recovering financial health and commitment to returning value to its shareholders.
Despite the upbeat monthly performance, the total casino sales for the first eight months of the year presented a mixed picture, showing a 7.1 percent decline year-on-year, with a total revenue of KRW253.97 billion. The breakdown of this figure shows that accumulated table game sales for the year until August 31 stood at KRW229.95 billion, marking a decrease of 7.2 percent compared to last year. Similarly, the total sales from machine games within the same timeframe registered KRW23.12 billion, down by 6.8 percent from the previous year.
Operational footprint and market dynamics:
GKL operates three elite Seven Luck-branded casinos which cater exclusively to international visitors. These casinos are strategically located in significant urban centers—two in Seoul, including one in the upscale Gangnam area, and another in the bustling port city of Busan. The company has yet to comment on the specific drivers behind the recent financial trends observed in its operations.
GKL functions under the aegis of the Korea Tourism Organization, which itself is part of the broader framework of the Ministry of Culture, Sports, and Tourism of South Korea. This relationship highlights GKL’s integral role in bolstering South Korea’s tourism and cultural sector.
The amount of “drop,” which indicates the money customers spent to purchase gaming chips, reached nearly KRW330.84 billion in August alone. This figure is an 8.9 percent increase from July and a 12.8 percent boost from August of the prior year. From January to August, the cumulative drop amount escalated to KRW2.49 trillion, achieving a 17.0 percent increase on a year-on-year basis, reflecting heightened customer engagement and spending within GKL’s casino operations.
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