In October, South Korea’s Grand Korea Leisure (GKL), which operates foreigner-only casinos under the Seven Luck brand, experienced a notable decline in casino sales. The company reported a 6.5% decrease in year-on-year casino revenue, amounting to KRW28.56 billion ($20.4 million). Month-on-month, the drop was even more pronounced, with revenue falling by 17.9% compared to September, highlighting a significant decline in player activity across both table and machine games.
The table games, which have traditionally been the main draw for GKL, were hit hardest. Revenue from table games fell to KRW25.15 billion ($18 million), marking a 19.8% decrease from the previous month and a 9.5% decline from the same period last year. This trend suggests that higher-value players, who significantly contribute to GKL’s table game business, may be reducing their gaming sessions or betting smaller amounts.
Conversely, machine games demonstrated more resilience. GKL’s earnings from slots and electronic games reached KRW3.41 billion ($2.4 million), representing a slight 0.3% dip from September but a notable 24.8% increase compared to the previous year. This indicates that while machines did not compensate for the loss at the tables, there is a healthy interest in lower-stakes, casual gaming.
Despite the October slowdown, GKL’s overall performance for the year remains robust. From January to October, the company generated a total casino revenue of KRW347.28 billion ($247.8 million), reflecting a 9.2% increase from 2024. Table games contributed KRW314.42 billion ($224.4 million), an 8.7% rise, while machine games added KRW32.83 billion ($23.4 million), up 14.9%.
This steady growth underscores the progress of South Korea’s tourism and hospitality sectors since the reopening of borders. The October downturn might be a temporary blip rather than indicative of a sustained decline. As GKL’s casinos exclusively cater to foreign visitors, their success is tightly linked to international travel trends. The company operates two casinos in Seoul (Gangnam Coex and Hilton) and one in Busan, drawing primarily from Japanese and Chinese tourists. Thus, GKL serves as a barometer for South Korea’s overall tourism health.
Recently, travel between major Asian markets has gained momentum due to improved flight connectivity and more flexible visa regulations. Yet, travel habits remain unpredictable, with some key tourist groups exhibiting more cautious spending behavior. GKL’s October numbers might mirror this shift, showing fewer high-spending visitors, shorter stays, and reduced table game activity.
In contrast, other casinos in South Korea have experienced different fortunes. Jeju Dream Tower, which also depends on foreign visitors, reported a remarkable 108.4% increase in casino revenue year-on-year in October, reaching KRW50.44 billion ($36.6 million). This difference illustrates the uneven nature of the recovery. Jeju’s strong tourism rebound, bolstered by improved access for Chinese travelers and aggressive marketing strategies, has propelled its growth, while GKL’s city-based casinos faced challenges.
This disparity highlights the varying responses of regional markets in South Korea to the post-pandemic tourism landscape. Jeju’s resort-style offerings seem to thrive, whereas Seoul’s more traditional casino experience faces tighter competition. The fluctuating results at GKL emphasize the vulnerability of foreigner-only casinos to the dynamics of international travel. Even minor shifts in flight availability or visa policies can significantly impact gaming revenue.
The company’s mixed outcomes also reflect a broader industry trend: while high-end table play appears fragile, low-stakes gaming and casual entertainment continue to hold steady. This shift mirrors developments in other parts of Asia, where operators aim to attract younger and more diverse audiences.
Despite the challenges, GKL’s year-to-date performance remains healthy, and the management can take solace in the 9% overall increase. However, with competition intensifying and tourism patterns still inconsistent, the company’s stability will hinge on the pace at which visitor confidence returns as winter approaches.
As November unfolds, GKL faces the challenge of keeping its tables bustling and appealing to new audiences while staying ahead of regional competition. In a tourism market that is still finding its rhythm, the lingering question is whether GKL can transform cautious players into confident ones again in time to close the year on a high note.
Sarah Thompson is a seasoned writer specializing in casino gaming and online gambling. With over a decade of experience in the industry, Sarah brings in-depth knowledge and a keen eye for detail to her work at CasinoNoDeposits.com. Her expertise lies in uncovering the latest no deposit bonuses and providing comprehensive reviews of online casinos. Passionate about helping players maximize their gaming experience, Sarah combines her analytical skills with a flair for engaging storytelling.
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