Korea’s Paradise, GKL continue positive momentum in August as casino revenues rise again

Leading South Korean foreigner-only casino operators Paradise Co and Grand Korea Leisure both reported strong growth in August, continuing their positive momentum since the easing of border restrictions last year.

Paradise, which operates Paradise City in Incheon plus casinos in Seoul, Busan and Jeju, saw its casino revenue climb 24.5% month-on-month and 55.3% over the same period last year to KWR78.4 billion (US$59.4 million) in August, aided by a 7.8% increase in table drop to KRW571.1 billion (US$433 million).

The tally included table games revenue of KRW73.9 billion (US$56.0 million) and slot machine revenue of KRW4.44 billion (US$3.4 million).

For the first eight months of 2023 combined, Paradise’s casino sales have climbed by 176% year-on-year to KRW492.2 billion (US$373 million) on a 202% increase in table drop to KRW1.31 trillion (US$993 million).

At GKL, which operates three casinos in Seoul and Busan under the Seven Luck brand, casino revenue increase by 7.3% month-on-month and 45.8% year-on-year to KRW33.4 billion (US$25.3 million). Table games revenue increased by 8.6% over July to KRW30.2 billion (US$22.9 million) although slot machine revenue fell by 3.7% to KRW3.2 billion (US$2.4 million).

Table drop was up by 19.1% sequentially to KRW293.3 billion (US$222 million), taking the total for the eight months through August to KRW2.13 trillion (US$1.61 billion), up 107% year-on-year.

South Korea dropped its mandatory hotel quarantine requirement for unvaccinated international visitors and resumed the issuance of tourist visas for the first time in more than two years in June 2022.