South Korea’s two largest foreigner-only casino operators, Paradise Co and Grand Korea Leisure (GKL), have reported vastly improved casino revenues in October as the country’s COVID-19 recovery continues in earnest.
The rising revenues 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.
Both companies have reported steady improvement since but soared to new levels in October and their highest since the start of the pandemic, according to information filed with the Korea Exchange.
Paradise Co, which operates Paradise Walkerhill in Seoul, Jeju Grand, Busan Casino Paradise and Paradise City in Incheon, saw casino revenues climb 21.2% month-on-month and 120% year-on-year to KRW46.90 billion (US$33.2 million) on a 25.9% increase in table drop versus September to KRW412.9 billion (US$291.9 million).
Casino revenues for the first 10 months of the year were up 25.7% on the same period in 2021 to KRW263.9 billion (US$186.6 million).
At GKL, operator of Gangnam COEX and Gangbuk Millenium Seoul Hilton in Seoul, and Seven Luck Casino Busan Lotte, casino revenue grew by 37.3% month-on-month and 276% year-on-year to KRW34.8 billion (US$24.6 million). Drop was up by 35.9% on September to KRW261.2 billion (US$184.7 million), while casino revenues from January to October reached KRW206.4 billion (US$145.9 million) – up 174% year-on-year.
As recently reported by IAG, air traffic in and out of South Korea has been growing substantially with Q3 passenger movements more than doubling compared with the June quarter.
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