South Korean foreigner-only casino operators Grand Korea Leisure (GKL) and Paradise Co both continued their positive recovery momentum in September, with casino revenues once again showing significant gains compared to the same period in 2021.
Reporting its September revenue figures on Wednesday, GKL saw its casino revenue climb by 169% year-on-year and by 10.7% over August to KRW25.4 billion (US$17.9 million). This pushed its total casino revenue for the first nine months of 2022 combined to KRW171.6 billion (US$121.1 million), representing a 160% increase over the same period last year.
Drop amount of KRW192.3 billion (US$135.7 million) in September was also 173% higher year-on-year, although very slightly down on August, while year-to-date drop was up 140% through September to KRW1.22 trillion (US$860.9 million).
Paradise suffered a slight decline on August, with casino revenue falling by 22.4% month-on-month to KRW39.2 billion (US$27.7 million), however this also represented a 313% increase over September 2021.
Casino revenue for the first nine months of 2022 increased by 5.3% year-on-year to KRW217.5 billion (US$153.5 million).
Drop of KRW328.0 billion (US$231.5 million) in September was largely flat month-on-month but 221% higher than the same period last year.
Paradise operates four foreigner-only casinos in Korea – Paradise Walker-hill in Seoul, Jeju Grand, Paradise City in Incheon and Busan Casino – while GKL runs three: Gangnam COEX and Gangbuk Millenium Seoul Hilton in Seoul, and Seven Luck Casino Busan Lotte
