Grand Korea Leisure reports increase in casino sales for calendar year 2023

The South Korean company Grand Korea Leisure Co Ltd (GKL), which runs casinos exclusively for foreigners, has reported a sharp increase in casino earnings for the 2023 fiscal year.

Casino revenues reached KRW397.35 billion (US$303.8 million), a significant rise of 49.8 percent over the previous year, according to a Korea Exchange report on Wednesday.

Sales of table games made a substantial contribution, coming in at around KRW360.25 billion, a notable increase of 50.8 percent over the prior year. Sales of machine games rose sharply, reaching just over KRW37.10 billion, a 41.3 percent increase from 2022.

The total “drop,” or the amount of money that customers spent on gaming chips for slots and table games, for the whole year 2023 was a little over KRW3.39 trillion. In line with the company’s report, this figure represents an incredible 70.8 percent year-over-year increase.

Grand Korea Leisure operates two casinos under the Seven Luck name, one in Seoul (including one in Gangnam) and one in the southern port city of Busan, which is only open to foreigners. GKL is a significant player in South Korea’s gaming and entertainment industry and is a subsidiary of the Korea Tourism Organization. It is connected to the Ministry of Culture, Sports, and Tourism.

December saw a 25.3% month-over-month growth in casino revenues, totaling KRW34.95 billion. When compared to the same period last year, the monthly total for December grew by 14.4%.

December sales of table games came to around KRW31.97 billion, up 28.5 percent from the previous month and 12.7 percent from the same month the year before. Sales of video games in December came to a little over KRW2.98 billion, down 1.0 percent from November but up 36.7 percent from the same month the previous year. In its filing, the company did not, however, provide any thorough explanation for these modifications.

Original story by: GGRAsia