Korean foreigner-only casino operator Grand Korea Leisure (GKL) reported net profit of KRW16.1 billion (US$11.4 million) in the three months to 31 March 2025, boosted by higher casino sales and better margins.
Operating profit grew by 45.3% to KRW20.2 billion, according to information filed with the Korea Exchange, with margin of 18.4% up from 14.2% in 1Q24.
GKL operates three foreigner-only casinos nationwide, including two in Seoul and one in Busan. The company’s Q1 results presentation showed that much of the improved performance came from playing lucky at its Gangnam Coex property in Seoul, where GKL booked a 79.6% year-on-year rise in casino net sales to KRW64.3 billion despite casino drop actually falling by 13.3% to KRW450.8 billion.
Conversely, Seoul Dragon City saw drop fall by 10.9% to KRW245.7 billion and casino sales by 35.1% to KRW28.3 billion, while Busan Lotte reported an 8.40% rise in drop to KRW130.4 billion with casino sales up 9.1% to KRW15.6 billion.
Total visitation across the three properties grew by 7.2% year-on-year to 227,591. This included 104,000 Chinese visitors and 75,000 Japanese visitors, both showing strong increases compared with the same period in 2024.
GKL is controlled by the Korea Tourism Organization – a division of the Ministry of Culture, Sports and Tourism – via its 51% economic stake.
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