Grand Korea Leisure casino sales down in 2024

Grand Korea Leisure’s sales were down 0.9 per cent compared with 2023.

South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the year 2024. The company posted casino sales of KRW393.61bn (US$267.94m), down 0.9 per cent from KRW265.16bn (US$207.23m) posted in 2023.

Table-game sales were KRW358.73bn (US$244.19m), down 0.4 per cent year-on-year. Machine-game sales were KRW34.88bn (US$23.74m), 6 per cent lower in 2023. The drop, the money customers spent on chips for table games and slots, was KRW3.64tn (US$2.48bn), an increase of 7.5 per cent.

GKL operates three foreigner-only casinos under the Seven Luck brand. Two are situated in the capital, Seoul (including one in Gangnam), and the other in the southeastern port city of Busan. The company operates as a subsidiary of the Korea Tourism Organization, which is affiliated with the Ministry of Culture, Sports, and Tourism.

The Seoul Gangnam casino had the highest sales among all casinos in 2024, generating KRW180.14bn (US$122.63m) in revenue. The Seoul Dragon City casino followed with sales of just over KRW154.48bn (US$105.16m). The Busan Lotte casino registered sales of KRW58.99bn (US$40.16m) for the year.

In December alone, casino sales amounted to KRW38.7bn (US$26.35m). That’s a 4.6 per cent rise sequentially, and a 10.7 per cent rise in year-on-year terms.

Table-game revenue was KRW35.63bn (US$24.26m), up 5.6 per cent sequentially and up 11.5 per cent year-on-year. Machine game sales were KRW3.06bn (US$2.08m), down 5.7 per cent month-on-month but up 2.7 per cent compared to last year.

GKL’s casinos received 13,815 visitors in December. That’s a decline of 11.1 per cent sequentially but a rise of 27.8 per cent in year-on-year terms.

GKL’s three casinos reported aggregate casino drop of KRW275.58bn (US$187.59m), down 5 per cent sequentially and 24.8 per cent year-on-year.

In November, the casino operator named Yoon Doo Hyun as president. He served in South Korea’s National Assembly during its 21st term from May 2020 to May 2024. He held the role of senior secretary for public relations at the Office of the President between 2014 and 2015.

According to GKL, the other two candidates were former senior tourism officials Park Kang Sup and Lee Jae Kyong. Kyong had served as GKL’s vice president from 2013 to 2016.

Grand Korea Leisure’s sales were down 0.9 per cent compared with 2023. South Korea.- Grand Korea Leisure (GKL) has shared its financial results for the year 2024. The company posted casino…