Grand Korea Leisure reports strong growth in August casino sales???

Jenny Ortiz September 3, 2024

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Grand Korea Leisure reports strong growth in August casino sales???

Grand Korea Leisure (GKL), operator of foreigner-only casinos in South Korea, experienced a robust increase in its August 2024 casino sales. The company’s total sales reached KRW41.3 billion (€27.8million), reflecting a 115 percent rise from the previous month. This figure also marks a 23.6 percent improvement compared to August of last year, indicating a positive recovery and growth trend for GKL’s casino operations.??

Surge in table and slot revenues

August’s performance was driven primarily by a substantial rise in table game revenue, surging 130 percent from July to KRW38.1 billion (€25.7 million). Slot machine revenue also improved, increasing by 19.4 percent to KRW3.18 billion (€2.1 million).

This growth in both table and machine game segments highlights the continued demand from foreign visitors. Additionally, the total “drop” amount, representing the money exchanged for gaming chips, rose by 8.9 percent month-on-month, reaching KRW330.8 billion (€222.9 million).

Year-to-date performance overview

Despite the impressive August figures, GKL’s total casino sales for the first eight months of 2024 were down by 7.1 percent compared to the same period in 2023, amounting to KRW253.1 billion (€170.6 million). Nevertheless, the cumulative table drop from January to August stood at KRW2.49 trillion (€1.7 billion), showing a 17 percent year-on-year increase. This suggests a steady recovery and sustained customer interest in GKL’s casino offerings.

Role in boosting tourism

Under the Seven Luck brand, GKL operates three casinos exclusively for foreign visitors, with two locations in Seoul and one in Busan. As a subsidiary of the Korea Tourism Organization (KTO), which is connected to the Ministry of Culture, Sports, and Tourism, GKL plays a crucial role in enhancing South Korea’s appeal as a tourist destination. The positive results from August underscore GKL’s contribution to the tourism and entertainment sectors, drawing international visitors and boosting the local economy.

Dividend announcements and prospects

In a sign of financial confidence, GKL announced an interim dividend, the first since 2019, indicating its commitment to shareholder returns and signaling recovery from the impact of the COVID-19 pandemic. The company aims to continue leveraging the increasing demand from international tourists to strengthen its market presence in South Korea’s competitive casino industry.

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