Grand Korea Leisure’s September casino sales drop almost 17%

Jenny Ortiz October 7, 2024

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Grand Korea Leisure’s September casino sales drop almost 17%

Grand Korea Leisure (GKL), a South Korean operator of foreigner-only casinos, reported a sharp 16.9 percent drop in casino sales for September, totalling KRW34.3 billion (€23.3 million). This decline mirrors similar setbacks faced by rivals Paradise and Lotte Tour. Despite the monthly downturn, September’s sales were still up 3 percent compared to the same period last year, reflecting a slight year-on-year improvement.??

Table and slot revenues see major decreases

GKL’s September performance saw table game revenue decrease by 17.1 percent month-on-month to KRW31.6 billion (€21.4 million). Slot machine revenue followed the downward trend, falling 14.6 percent to KRW2.72 billion (€1.84 million). The total table drop — a measure of customer spending — declined by 16.1 percent to KRW277.7 billion (€187.9 million) during the month.??

Nine-month overview shows mixed results

For the first nine months of 2024, GKL reported total sales of KRW287.4 billion (€194.5 million), a 6 percent decline compared to the same period last year. However, the company’s table drop increased by 13.5 percent year-on-year, reaching KRW2.77 trillion (€1.87 billion), indicating stronger customer engagement despite the revenue drop.

Outlook for GKL

Although GKL experienced a significant sales decline in September, the company remains committed to long-term recovery. With three Seven Luck casinos in Seoul and Busan, GKL’s gradual post-pandemic rebound continues, supported by South Korea’s efforts to attract foreign tourists through its association with the Korea Tourism Organisation.

South Korea’s 2024 tourism target??

Last December 2023, the South Korean government set to attract 20 million foreign visitors and generate $24.5 billion in related revenue. The strategy is to first raise tourism convenience in sectors like immigration, shopping, and transportation to secure international competitiveness in the post-COVID-19 race to attract tourists. Instead of just for Chinese visitors, e-visa fee waivers for tour groups will be extended to Vietnamese, Filipinos, and Indonesians. ??