Content Writer: Janice Chew • Tuesday, 25/11/2025 - 16:50:54 - PM
In October, GKL — which operates three foreign-visitor-only casinos under the “Seven Luck” brand in South Korea (Seoul’s Gangnam and Dragon City, and Busan) — reported a month-on-month drop in casino sales of around 11%, declining to KRW 30.54 billion (≈ US$22.2 million). Although this represents a sequential decline, the result was still up about 6.6% year-on-year compared to October of the prior year.
Breaking it down by segment, table-game revenue fell by 12% sequentially to KRW 27.80 billion, while machine (slot) game revenue edged up slightly month-on-month to KRW 2.73 billion. However, on a year-on-year basis machine-game revenue was down around 12.1%. Despite the decline in revenue, the “drop” (amount wagered by customers) was reported at approximately KRW 313 billion, up 12.7% sequentially and nearly flat compared to the same month last year.
For the first ten months of the year, GKL’s cumulative casino sales reached KRW 317.93 billion, marking a decline of about 5.0% compared to the prior-year period. Table-game sales for the ten-month period fell 4.6%, and machine-game sales dropped about 8.2%. The results point to the fact that while GKL retains some year-on-year growth in individual months, the broader year-to-date performance remains under pressure.
Analysts note that GKL’s challenges stem from pressure in the foreigner-only casino model in South Korea: competition from regional destinations, slower return of mass tourists, and heavier reliance on VIP (high-stakes) players to generate revenue. For example, observers have flagged that the company’s drop amount (wagering volume) has grown, but revenue growth is not matching that pace — indicating either lower hold rates or weaker mass segment performance.
In summary, while the October result showed a modest year-on-year gain, GKL’s sequential drop in revenue and overall weakening year-to-date performance highlight underlying headwinds. Key risks going forward include the volatility of VIP visitation, the ability to grow non-VIP/ mass gaming, and regional competition.