Net profit at Grand Korea Leisure (GKL) reached KRW16.1 billion ($11.4 million) for the first quarter ending 31 March 2025, driven by robust casino sales and enhanced profit margins.
The financial results mark a 57.9 percent improvement year-on-year and a substantial 193.4 percent jump from the previous quarter’s figures.
The Korea Exchange filing showed operating profit climbed to KRW20.2 billion ($14.3 million), reflecting a 45.6 percent increase, while profit margins expanded to 18.4 percent compared to 14.2 percent in the same period last year.
GKL, which manages three casino venues exclusively for foreign visitors across Seoul and Busan, attributed much of its success to favorable gaming outcomes at its Gangnam Coex location in Seoul. Despite a 13.3 percent decline in casino drop to KRW450.8 billion ($318.9 million), the property recorded a remarkable 79.6 percent increase in casino net sales, reaching KRW64.3 billion ($45.5 million).
By contrast, Seoul Dragon City experienced a 10.9 percent drop to KRW245.7 billion ($173.9 million) and casino sales declined by 35.1 percent to KRW28.3 billion ($20 million).
Meanwhile, Busan Lotte reported an 8.4 percent increase in drop to KRW130.4 billion ($92.3 million) with casino sales rising 9.1 percent to KRW15.6 billion ($11 million).
Total visitation across the three properties grew by 7.2 percent 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 – which holds a 51 percent economic stake in the company.
