for early access to the latest igaming videos!
and get the latest igaming news first!
After a strong start to the year, South Korea’s Grand Korea Leisure (GKL) hit a slowdown in October.
The company, which runs the country’s foreigner-only casinos under the Seven Luck brand, reported a 6.5% drop in casino sales year-on-year, totalling KRW28.56 billion ($20.4 million).
Month-on-month, the picture looked even tougher. Revenue fell 17.9% compared to September, showing a clear dip in player activity across both table and machine games.
Table games take the hardest hit
Every casino has its main draw, and for GKL, that’s the tables.
In October, table game revenue dropped to KRW25.15 billion ($18 million). That’s 19.8% less than in September and 9.5% lower than a year ago. The decline suggests that higher-value players, who drive most of GKL’s table business, may be playing fewer sessions or betting smaller amounts.
Machine games, on the other hand, were steadier. GKL earned KRW3.41 billion ($2.4 million) from slots and electronic games, a 0.3% dip month-on-month but a 24.8% jump year-on-year.
So while machines didn’t make up for the loss at the tables, they showed that lower-stakes, casual gaming remains healthy.
The bigger picture still looks positive
Zooming out, GKL’s year-to-date performance is still strong.
Between January and October, the company generated KRW347.28 billion ($247.8 million) in total casino revenue, up 9.2% from 2024. Table games made up most of that, bringing in KRW314.42 billion ($224.4 million), a rise of 8.7%, while machine games contributed KRW32.83 billion ($23.4 million), up 14.9%.
That steady growth shows how far South Korea’s tourism and hospitality sectors have come since borders reopened. The October slowdown might be a temporary dip rather than a long-term trend.
Tourism recovery remains key to growth
GKL’s casinos are open only to foreign players, so their success depends on who’s flying into South Korea.
The company operates two casinos in Seoul (Gangnam Coex and Hilton) and another in Busan, attracting visitors mainly from Japan and China. That makes GKL a strong indicator of South Korea’s overall tourism health.
In recent months, travel between Asia’s major markets has started to pick up again, thanks to better flight connectivity and more flexible visa policies. Still, travel habits remain unpredictable, and some key groups of tourists are spending more cautiously.
GKL’s October figures may reflect that shift, fewer high-spending visitors, shorter stays, and less time at the tables.
A split market across South Korea
While GKL faced a softer month, other casinos in South Korea had a very different story.
Jeju Dream Tower, which also relies on foreign visitors, reported a 108.4% surge in casino revenue year-on-year in October, reaching KRW50.44 billion ($36.6 million).
The contrast shows how uneven the recovery has been. Jeju’s strong tourism rebound, driven by better access for Chinese travellers and aggressive marketing, helped it leap ahead while GKL’s city-based casinos cooled.
This gap highlights how different regional markets in South Korea are responding to post-pandemic tourism shifts. Jeju’s resort-style model seems to be thriving, while Seoul’s more traditional casino experience faces tougher competition.
What the numbers really mean
GKL’s performance reminds analysts and regulators that foreigner-only casinos remain tied to the ups and downs of international travel. Even small changes in flight routes or visa policies can ripple through gaming revenue.
The company’s mixed results also show a bigger trend: high-end table play remains fragile, while low-stakes gaming and casual entertainment are holding steady. That shift mirrors what’s happening in other parts of Asia, where operators are trying to attract younger and more diverse audiences.
For now, GKL’s year-to-date numbers are still healthy, and management can take comfort in a 9% overall increase. But with competition heating up and tourism still uneven, stability will depend on how fast visitor confidence grows through winter.
Looking ahead
GKL’s October results show that recovery doesn’t move in a straight line. The casinos are open, the tourists are coming back, but spending patterns have changed.
The company’s challenge now is to keep its tables busy and appeal to new audiences while staying ahead of regional competition.
In a tourism market that’s still finding its rhythm, one question lingers: can GKL turn cautious players into confident ones again before the year comes to a close?
Source: Asia Gaming Brief
