The casino operator Grand Korea Leisure (GKL), exclusive to South Korea for foreigners, reported that its casino sales in September plummeted by 16.9%, totaling 34.3 billion Korean Won (€23.3 million). This decline echoes similar setbacks faced by competitors Paradise and Lotte Tourism. Despite the drop in sales this month, there was still a 3% increase compared to the same period last year, indicating a slight year-over-year improvement.
Significant Decline in Table Games and Slot Machine Revenue
For September, GKL's performance showed that table game revenue decreased by 17.1% to 31.6 billion Korean Won (€21.4 million). Slot machine revenue also showed a downward trend, decreasing by 14.6% to 2.72 billion Korean Won (€1.84 million). The total customer spend (table drop) this month decreased by 16.1%, to 277.7 billion Korean Won (€187.9 million).
Mixed Results in the Nine-Month Overview
In the first nine months of 2024, GKL reported a total sales volume of 287.4 billion Korean Won (€194.5 million), a 6% decrease year-over-year. However, the company's total customer spend grew by 13.5% to 2.77 trillion Korean Won (€1.87 billion), indicating that despite the revenue decline, customer engagement remains high.
Outlook for GKL
Despite the significant decline in sales for September, GKL remains committed to achieving long-term recovery. With the gradual post-pandemic recovery progress through its three Seven Luck casinos operated in Seoul and Busan, GKL benefits from efforts by South Korea through the Korea Tourism Organization to attract foreign tourists.
