GKL August casino revenue falls 11.3% to $22.9m

Grand Korea Leisure (GKL) reported casino revenue of KRW31.1bn ($22.9m) for August 2026, down 11.3% year-on-year and 25.4% from July, interrupting the operator's stronger performance earlier in the year.

Table game revenue accounted for KRW27.8bn, declining 10.8% year-on-year and 26.9% sequentially. Machine revenue fell 15.4% from August 2025 to KRW3.30bn and was 9.8% below July.

The revenue decline came despite higher gaming volume. Casino drop, representing the amount exchanged by customers for gaming chips, reached KRW341.4bn in August. This was up 7.2% year-on-year and 5.0% month-on-month, indicating that the weaker revenue result was not accompanied by a contraction in wagering activity.

GKL operates three foreign-player-only Seven Luck casinos, with two properties in Seoul and one in Busan. The operator is a subsidiary of the Korea Tourism Organization, which is affiliated with South Korea's Ministry of Culture, Sports and Tourism.

Both Seoul properties recorded lower casino revenue in August. Seoul Dragon City generated KRW12.85bn, down approximately 10.0% year-on-year and 2.0% from July. Revenue at the Gangnam property fell 13.3% year-on-year to KRW12.41bn, including a 43.1% sequential decline.

Despite the August contraction, GKL's casino revenue for January through August reached approximately KRW300.0bn, up 5.6% year-on-year. Cumulative casino drop increased at a faster rate, rising 10.5% to KRW2.65trn.

The year-to-date increase has coincided with continued recovery in South Korea's inbound tourism market. Foreign arrivals reached 10.71 million during the first half of 2026, up 21.3% year-on-year, with increases recorded from China, Japan and Taiwan. 

Revenue performance among foreigner-only casino operators has varied despite those stronger visitor numbers, reflecting differences in customer mix, gaming volume and hold rates.

GKL also entered August following improved second-quarter results. Consolidated Q2 revenue increased 19.3% year-on-year to KRW120.5bn, while operating profit rose 30.5% to KRW20.8bn and net income increased 6.2% to KRW18.0bn. Japanese visitation was among the contributors to higher gaming volumes during the period. 

In November 2025, GKL reported casino revenue of KRW41.7bn, up 12.9% year-on-year, as table revenue improved and the operator returned to monthly growth following two consecutive declines.