Casinos in South Korea: GKL casino sales down 11% in October
Grand Korea Leisure has posted casino sales of KRW30.54bn (US$22.2m).
South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the month of October. Casino sales were down 11 per cent in month-on-month terms, from KRW34.3bn (US$25.7m) to KRW30.54bn (US$22.2m). Compared to the previous year, casino sales were up 6.6 per cent.
Table-game revenue was KRW27.80bn (US$20.2m), down 12 per cent sequentially but up 0.7 per cent year-on-year. Machine game sales were KRW2.73bn (US$2m), up slightly sequentially, but down 12.1 per cent in year-on-year terms. The table drop was up 13.5 per cent monthly and 0.7 per cent in year-on-year terms to KRW2.76bn (US$2m).
For the first ten months of the year, Grand Korea Leisure has reported casino sales of KRW317.9bn (US$230m), down 5 per cent compared to KRW334.5bn (US$242m) recorded a year before. The cumulative drop amount was up 12.1 per cent to KRW3.08tn (US$2.24bn). Table revenue fell 4.6 per cent to KRW289.4bn (US$210m), while gaming machine revenue fell 8.2 per cent to KRW28.6bn (US$20.8m).
GKL operates three foreigner-only casinos under the Seven Luck brand. Two are situated in the capital, Seoul (including one in Gangnam), and the other in the southeastern port city of Busan. The company operates as a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports, and Tourism.
In June, the company launched a new business task force, which will concentrate on three main areas: expanding its casino business internationally, digitalising casino operations and educating the tourism industry. Co-chaired by GKL’s CEO, Kim Young-San, the task force is made up of 11 company officials.
The CEO said the foreigner-only casino operator needed to prepare for future competition from the introduction of casinos in Japan and possibly Thailand.
Paradise Co posts casino revenue of US$43.9m for October
Paradise Co has reported that revenue in October was flat year on year and down 1.3 per cent month-on-month at KRW60.29bn (US$43.9m). Table-game sales were down 1.2 per cent year-on-year and 1.6 per cent sequentially at KRW55.84bn (US$40.7m).
Machine game sales were KRW4.45bn (US$3.24m), up 3.4 per cent month-on-month and 16.9 per cent year-on-year. The table drop was KRW542.37bn (US$395.2m), down 3.8 per cent when compared to the previous month and up 0.7 per cent in year-on-year terms.
Paradise Co operates four venues in its casino division: Walkerhill in Seoul, Jeju Grand on Jeju Island, Busan Casino in the southern port city of Busan, and Paradise City, near the primary international airport serving Seoul. For the first ten months of 2024, aggregate casino revenue reached KRW674.28bn (US$491.1m), up 7.9 per cent year-on-year. Revenue from table games was up 7.5 per cent year-on-year, to KRW630.42bn (US$459m), and machine-game sales rose by 13.9 per cent to KRW43.86bn (US$31.9m).
