Just days after fellow foreigner-only casino operator Paradise Co reported significant recovery in casino revenues in August, Grand Korea Leisure has followed suit.
In a Korea Exchange filing, GKL announced casino sales of KRW22.9 billion in August – up 160% over the same month last year although 19.9% lower than July 2022. The month-on-month decline was, however, a result of bad luck with table drop significantly higher both annually and sequentially.
Table drop reached KRW195.4 billion for the month, representing a 173% year-on-year and 23.9% month-on-month improvement.
For the first eight months of 2022 combined, GKL’s casino sales are up 158% year-on-year to KRW146.3 billion while table drop of KRW1.03 billion is up 135% year-on-year.
The improved results for both GKL and Paradise Co come after authorities dropped a mandatory hotel quarantine requirement for unvaccinated international visitors from 8 June 2022 and resumed the issuance of tourist visas for the first time in more than two years as of 1 June.
GKL operates three casinos in South Korea – Gangnam COEX and Gangbuk Millenium Seoul Hilton in Seoul, and Seven Luck Casino Busan Lotte.