GKL, a subsidiary of Korea Tourism Organization that operates Seven Luck casino, a foreigners-exclusive casino, is a public enterprise established for the following purposes to attract more foreign tourists to enhance the international competitiveness of the Korean casino industry and to use the revenue generated from casino operations to invest in building tourism-related infrastructures and public projectsGKL. is at the center of the Korean tourism industry in contributing to the development of the national economy. It will give its best to establish a positive image of the casino industry by promoting various activities that contribute to the society. In addition, all employees of GKL are making efforts under the top-priority corporate scheme to overcome any negative views and biases of the casino industry.
Kim Hyun-yong, a researcher at Hyundai Motor Securities, explained to the local media that there was little chance for Grand Korea Leisure, which depends on foreign patrons for its casinos, could reach the break-even point this year, and that operating losses will continue.
Grand Korea Leisure has reported September sales at KRW9.4 billion (US$8.1 million), a figure that was down over 76 percent from the 2019 numbers. Of the firm’s three locations, the Seoul Hilton Casino turned in the best results with KRW5.3 billion, down nearly 74 percent, slightly better than the Seoul Gangnam Casino which saw its […]
South Korea’s National Pension Service has been reducing its stake in Grand Korea Leisure, a movement attributed to concerns that Covid-19 will exercise a long-term impact on GKL’s ability to generate profits. Since the beginning of April, public disclosures revealed that the NPS stake in GKL has been reduced from 13.05 percent to 9.93 percent, […]
Grand Korea Leisure and Kangwon Land, both of them government operated enterprises, have entered into an agreement on the limited exchange of personnel as part of the government’s strategy to cultivate its human resources. The agreement will launch from a modest level, with only one employee from each organization being dispatched to the other for […]
Grand Korea Leisure saw its sales drop again in August from the prior month after showing signs of a month-on-month improvement in July.
All three of the major South Korean casino operators booked substantial financial losses in the April-June period as a result of Covid-19. Kangwon Land, which operates the only casino in the nation at which locals may gamble, but which had a very long business suspension period, recorded sales of only 34.6 billion won (US$29.1 million), […]
State-backed Grand Korea Leisure has reported KRW14.2 billion (US$11.9 million) in total sales for the month of July. This compared to KRW41.1 billion in the same period in 2019, representing a 65 percent year-on-year decrease. However, compared to the KRW12.5 billion recorded in June, the sales figure represented a recovery of 13.6 percent. By location, […]
Grand Korea Leisure saw casino sales in June rise 20.5 percent from the prior month, boosted by revenue from table games, although they showed a drop of 68 percent from the prior year.
Grand Korea Leisure has recorded zero sales for the month of April and a year-on-year decline of 73.7 percent in sales for the month of May. The May sales came in at 10.3 billion (US$8.7 million). Due to the coronavirus, all of the company’s facilities were closed from March 24 to May 6. Grand Korea […]
Grand Korea Leisure’s “Dream and Hope Volunteer Group” announced on Thursday that it had delivered 200 “Covid-19 Prevention Sharing Boxes” to prevent the spread of the infection to vulnerable groups both at home and abroad. The Sharing Boxes include bars of soap, hand cleaner, cotton masks, and disposable filters. Some of the soap and masks […]
Grand Korea Leisure, the operator of South Korea’s Seven Luck casinos, reported a 68.3 percent jump in Q1 revenue, bucking the trend for dismal quarterly results.
Grand Korea Leisure, which suspended operations of its casinos on March 24, has now reopened for business. While Kangwon Land recently delayed its reopening to May 11, and associated organizations such as Korea Horse Racing Association are waiting until May 10, GKL opted to move forward at this time. A GKL executive explained to the […]
Grand Korea Leisure, which suspended operations of its casinos on March 24, announced on Sunday that the scheduled April 20 reopening will be extended to May 6 in light of lingering public health concerns surrounding Covid-19. Last week, Kangwon Land, Korea’s only casino open to the local people, announced that it would extend its own […]
Grand Korea Leisure, operator of three foreigner-only casinos under the Seven Luck brand, has reported a sharp 72 percent year-on-year decline in its March sales. The March figure came in at just short of KRW11.7 billion (about US$9.6 million), compared to more than KRW41.7 billion in March 2019. The flagship Seoul Gangnam casino recorded a […]
With the decision to suspend business operations until April 6, some South Korean operators have begun to release estimates of the losses they are facing as a result. Grand Korea Leisure, which operates three foreigner-only casinos in Seoul and Busan, estimates a sales loss of KRW17.5 billion (US$14.4 million) as a result of its two-week […]
All of South Korea’s major casino firms have now announced suspensions of operations as a measure to combat the spread of Covid-19. State-run casino operator Grand Korea Leisure, which operates three foreigner-only casinos in Seoul and Busan, has stated that it will close its facilities from this Tuesday until April 6. Paradise Co. also revealed […]
South Korea’s gaming companies have all seen their stock prices hammered by the Covid-19 crisis, though with varying intensity. Paradise Co. was one of Monday’s biggest losers on the Kosdaq Stock Market, losing 7.8 percent of its value in a single day. Since the beginning of the year it has fallen from 20,150 to 15,350, […]
South Korea’s foreigner-only casinos saw an uptick in February casino revenues, despite coronavirus scares. Paradise Co Ltd saw its casino revenue rise 16.2 percent year-on-year in February, reaching KRW64.3 billion (US$54.2 million), driven by table games revenue, slightly offset by gaming machine revenue. The company, however, has closed several non-gaming facilities in response to the […]
South Korean casino operator Grand Korea Leisure saw its profit fell 6.9 percent to KRW72.4 billion (US$61.2 million) in 2019. In a regulatory filing, the company said it posted KRW 96.8 billion in operating profit for the year, while annual revenue rose 2.2 percent to KRW490.8 billion. The casino operator said it delivered strong fourth-quarter […]
Grand Korea Leisure has reported a nearly 58 percent jump in year-on-year net sales in January, lifted by its two casinos in Seoul in particular. The total sales amount for GKL’s three casinos in January 2020 was nearly KRW54.6 billion (about US$45.9 million). The Seoul Gangnam casino nearly doubled its year-on-year sales, and Seoul Hilton […]
South Korea’s only locals-permitted casino, Kangwon Land, reported positive results in 19Q3, driven by an uptick in sales, though its foreigner-only peers saw mixed results. According to local reports, Kangwon Land’s third-quarter net profit reached KRW 128.6 billion (US$111 million), increasing 37.9 percent. Operating profit for the period was KRW139.2 billion, up 12.3 percent year-on-year. […]
Grand Korea Leisure reported a 2.9 percent decline in casino sales for May, pulled down by a drop in revenue from table games.
South Korea’s casino operators saw mixed results in the first quarter of 2019, with some, such as Kangwon Land, reporting a 13.3 percent rise in net profit, while others, such as Grand Korea Leisure, reporting a halving of net profit in the same quarter. Kangwon Land, known as Korea’s only locals-permitted casino was able to […]
South Korea’s state mint has agreed to use its advanced anti-forgery technology to develop a new line of chips for Grand Korea Leisure, the operator of Seven Luck casino. According to reports, a memorandum of understanding was signed between Korea Minting and Security Printing Corporation and Grand Korea Leisure (GKL) on Monday, which will involve […]
Grand Korea Leisure came out with the lowest possible rating in an annual government evaluation of management performance, local media reported.
Shares in South Korea’s casino operators rallied on Tuesday ahead of a summit between U.S. President Donald Trump and North Korea’s Kim Jong-Un on hopes for greater cross border cooperation, Yonhap reports.
China appears to have renewed its ban on travel groups to South Korea, dealing a further blow to the country’s tourism industry. According to South Korean media reports, Chinese authorities rejected a request by a group of nationals to visit South Korea later this week. The tourists were supposed to leave for South Korea on […]
South Korea’s Paradise City may face hard yards due to a ban on Chinese tour groups to the country, notes Bloomberg Intelligence analyst Margaret Huang in a report earlier this month. “The $1.1 billion, mass-market oriented property had hoped to capture Chinese visitors with a Korean culture theme… Yet the travel ban is likely to […]
The South Korean government has earned 62.5 trillion won (US$54.56 billion) from the gambling industry over the past 15 years, about half of it through taxes, the Yonhap news agency reported. The Korea Taxpayers Association analyzed records from the National Gambling Control Commission and found that the government collected approximately 31.55 trillion won in taxes […]
Grand Korea Leisure is the latest company to be entangled in an ongoing corruption scandal involving South Korean President Park Geun-Hye, local media reports. On Wednesday, prosecutors raided the homes of two former presidential secretaries of President Park Geun-hye’s confidant Choi Soon-sil. Prosecutors also raided casino operator Grand Korea Leisure (GKL), securing computers, documents and […]
South Korean casino operator Grand Korea Leisure posted strong results for the third quarter of 2016, according to a filing to the Korea Exchange. The foreigner-only casino, which owns Seven Luck Casino, posted a 22.9 percent rise in net income in the third quarter of 2016, at KRW 27.8 billion ($24.3 million). Revenue for the […]
South Korean stocks tied to Chinese tourism slumped after concerns that local governments in mainland China are trying to limit the flow of visitors to the country, Bloomberg reports. According to an official at the Korea Tourism Organization in Seoul, Chinese authorities are ordering travel agents to curb cheap travel packages to South Korea from […]
Casino operator Grand Korea Leisure Co Ltd (GKL) reported a 38.1 percent year-on-year increase in net income to KRW25.6 billion (US$23.1 million) in 16Q2. According to the company’s filing to the Korea Exchange on Friday, revenue for the period was up 5.4 percent to KRW 129.0 billion, while operating income for the quarter was up […]
South Korea is unlikely to reconsider its stance on banning local access to casinos until after the monopoly of Kangwon Land ends in 2025, according to a market expert. Currently Kangwon Land, located in remote area of the country, is the only casino in which Koreans are allowed to gamble. It accounts for $1.7 billion […]
South Korea casino operator Grand Korea Leisure Co (GKL) reported 16Q1 earnings down 13.2 percent year on year but 28 percent above consensus. According to a note from CLSA, the better than expected margin in the first quarter of 2016 was driven mainly by a complimentary cost decrease as a result of more premium mass […]
Kangwon Land Co Ltd has been cashing in on its monopoly of domestic patrons, unaffected by the Chinese VIP downturn, much unlike their foreigner-only peers. Kangwon Land stock surged 21 percent in 2015, now valued at $7.2 billion. It is the only casino in South Korea to admit locals, allowing for stable growth despite its […]
Grand Korea Leisure posted below consensus Q4 results as the number of China VIP visitors continued to decline. Total sales fell 17 percent to KRW 123 billion ($100.6 million) as the number of Chinese VIPs fell by 37 percent. The company posted an operating profit of KRW 22 billion, below the average forecast for KRW […]
Foreigner-only casino operators, Paradise Group and Grand Korea Leisure Co will see weak results in 4Q15 due to the ongoing decline in Chinese VIPs, says Morgan Stanley. Sales are expected to decline 18 percent year on year for GKL as the number of Chinese VIPs continued to fall by 50 percent year on year in […]
The opening of new integrated resorts amidst shrinking Chinese VIP demand will compress margins at foreigner-only casinos in Korea, Morgan Stanley says. With Korea’s first integrated resort scheduled to open in 2017, Morgan Stanley estimates the supply-demand imbalance to further tip, with table capacity to rise 37 percent year-on-year and the number of Chinese VIPs […]
Operator of Seven Luck casinos in Korea, Grand Korea Leisure (GKL), has appointed Lee Ki-Woo as the new Chief Executive Officer of Grand Leisure at a board meeting held on Dec. 3. Lee’s background includes serving at the Presidential secretarial office, the press relations office of the Korean Consulate General in Toronto, Canada and at […]
KCC Corp’s plan to team up with U.S. tribal operator Mohegan Sun on a casino venture in South Korea is credit negative for the company, ratings firm Moody’s says. KCC, a Korean industrial paints and chemicals company, is planning to invest KRW204 billion ($178 million) for a 24.5 percent stake in Inspire Integrated Resorts, Mohegan’s […]
Grand Korea Leisure reported an 18 percent decline in year-on-year sales in 15Q3 to KRW111.27 billion ($96.2 million) and a 9.1 percent drop from the previous quarter. The company’s net income saw a big drop of 41.5 percent from the previous year’s period to KRW22.57 billion, though was up 21.8 percent on the previous quarter […]
Hong Kong-listed NagaCorp and Grand Korea Leisure said they will not participate in a bidding process for one of two integrated resort licenses being offered by the South Korean government, due to concern about the economic viability of the projects. A total of 34 groups had been in the running for the licenses, with the […]
Chinese police have arrested 13 South Korean casino managers from Grand Korea Leisure and Paradise Co suspected of luring gamblers from China to South Korea, Reuters reported. Citing Chinese state television, Reuters said police launched a probe in June into “criminal gangs” from five South Korean casinos, who “enticed” Chinese with free tours, free hotels […]
Grand Korea Leisure announced that the three foreigner-only casinos under its Seven Luck brand received more than one million visitors for the first eight months of the year. As of August 26, the cumulative number of its visitors stood at 1,002,315, up nearly 12 percent year-on-year. Customers spent approximately 300,000 won ($249) on average per […]
Grand Korea Leisure’s net income doubled to KRW18.5 billion ($15.92 million) in 15Q2 compared with KRW9.31 billion in the same period last year, though the company performed less well compared with the previous quarter. On a quarter-on-quarter basis the company’s net income fell significantly from KRW32.1 billion in 15Q1. For the six months of the […]
Kolon Global, Grand Korea Leisure and 32 other companies are competing to win two licenses to build and operate a foreigner-only integrated casino resort, The Korea Times reported. According to the Times, The Ministry of Culture, Sports and Tourism, which issues casino business licenses, is expected to announce this month where it would like foreigner-only […]
Grand Korea Leisure says it has reached an accord with Incheon International Airport to locate a casino on nearby land. The company signed a memorandum of understanding after a detailed feasibility study was carried out, including business and construction plans, local media reported, citing a Korean Stock Exchange filing. The company gave no details of […]
Chinese authorities have arrested 14 South Koreans, including employees from major casino operators Grand Korea Leisure Co. and Paradise Co., for allegedly luring Chinese gamblers to foreigners-only casinos in South Korea. Citing a South Korean official who chose to remain anonymous, Yonhap News agency said the suspects will face charges of attracting Chinese citizens to […]
Grand Korea Leisure Co. Ltd. reported a 57 percent year-on-year increase in the number of players from China during the fourth quarter 2014. Grand Korea, which manages two foreigner-only casinos in the capital, said it received a total of 1.57 million visitors in 2014 while total casino drop amounted to $4.01 billion. The total number […]
Shares in Korean gaming companies plummeted after China announced it would take a tough stance on casino operators based in the country trying to woo Chinese gamblers abroad. Paradise shares plunged 12.27 percent to 21,800 won ($19.86) from Friday to Monday, while Grand Korea Leisure saw its shares decline 8.74 percent to 36,550 won ($32.38), […]
South Korean casino operator, Grand Korea Leisure (GKL), affiliated casino operator to the Korea Tourism Organization (KTO), aims to operate foreigner-only casinos on cruise ships. The step comes as the National Assembly recently passed a law supporting the cruise industry, set to take effect in July. GKL officials told Korean media that a consultancy report […]
South Korea’s three major operators are likely to come through the economic downturn caused by the Covid-19 pandemic without too much difficulty, but the smaller and weaker operators on the island of Jeju may face a much tougher time, analysts say.
Results for South Korea’s gaming operators improved in 2016, although foreign operators appear to be losing patience, with major projects either stalled or abandoned. Market watchers say the initial euphoria faded fast when operators were faced with the reality on the ground, which includes high costs, difficulty in client acquisition and changing regulation.
South Korea says its tourism arrivals have now almost recovered following an outbreak of Middle Eastern Respiratory Syndrome in May that triggered a three-month plunge in visitor numbers.