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South Korea’s foreign-only casino operator, Grand Korea Leisure (GKL), reported relatively steady casino revenues in September 2025, compensating for table revenues that remained flat by a precipitous decline in machine play. The recent company report highlights the strength of its core business relative to month-to-month changes.
Steady Revenue Despite Machine Gaming Dip
Revenues at the casino in September were KRW34.8 billion (or US$25 million) and decreased just 0.8 percent from August but increased 1.4 percent from the same month last year, with the comparable month of 2024.
Table game turnover was KRW31.4 billion (or US$22.6 million), up marginally by a mere 0.6 percent from last month. Machine game turnovers decreased by 12.4 percent from last month to KRW3.4 billion (or US$2.4 million).
Yearly, the machine gaming industry grew strongly with a 26 percent year-on-year increase from September 2024. Table revenue, however, recorded a small dip of 0.8 percent year-on-year.
Strong Year-to-Date Growth
GKL’s overall casino sales for the first nine months of 2025 totaled KRW318.7 billion (about US$229 million), 10.9 percent lower year on year. Table game sales accounted for KRW289.3 billion (about US$208 million) or a 10.6 percent growth year on year. Machine games were also good, with the sales rising 13.9 percent to KRW29.4 billion (about US$21.1 million).
The staked total in September, or the September decline, stood at KRW316 billion (or US$227 million), 0.8 percent lower than last month but 13.8 percent lower than a year ago. The YTD decline so far in September was KRW2.72 trillion (or US$1.95 billion), decreasing by a moderate 1.9 percent from the last nine months of 2024.
Business Model and Market Position
GKL owns three “Seven Luck” chain casinos in Seoul and Busan. It has a business model that is wholly dedicated to foreign nationals, courtesy of the regulatory regime of South Korea, where local citizens cannot gamble at these establishments.
As a subsidiary of the Korea Tourism Organization, GKL plays a supporting role in bringing in foreign tourists to these countries, which further benefits the larger tourism and hospitality industry.
Industry Context and Outlook
GKL’s stable casino revenues for the time period indicate an even but disconnected operating environment. While table games show modest month-to-month revenue increases, the drop in machine gaming revenue indicates the instability and vulnerability of various gaming sections.
However, the overall year-on-year increase indicates that GKL continues to be on the rise because of ongoing support from foreign tourists. The South Korean casino market is also assisted by recent efforts of the government to ease access and stimulate tourism.
Source: Asia Gaming Brief (AGB)
