Grand Korea Leisure (GKL), a South Korean operator of foreigner-only casinos, announced a 48 percent increase in casino revenue in April compared to March. However, this is still an 86 percent drop from the previous year. Total revenues were KRW8.8 billion ($7.8 million), up from KRW5.95 billion in March. In April, table games brought in KRW7.27 billion, up 46 percent from KRW4.98 billion the previous month. Machine game revenue increased by 61% month over month, from KRW972 million in March to KRW1.56 billion in April.
Total casino revenues for the first four months of the year were KRW15.29 billion, down 86 percent from the previous year’s KRW110.23 billion. Total revenue from table games was KRW12.66 billion for the year, down 87 percent from KRW99.62 billion for the same period in 2020. In addition, computer game revenues fell 75 percent year over year in the first four calendar months, from KRW10.61 billion to KRW2.63 billion.
The rise in revenue can be due to the company’s casinos resuming operations, such as the Seven Luck in Busan Lotte, which reopened in mid-February after a hiatus. On March 15, GKL reopened a few of its casinos in Seoul, which had been closed since November 2020 due to Covid-19 countermeasures in the city.
Despite losses during the pandemic, South Korea’s casino industry is trying to move forward. Despite the lack of backing from any existing gaming firm after Caesars Entertainment left the project, an IR project in Midan City, Incheon, resumed construction in mid-March, according to Asia Gaming Brief. The Midan City Resort Complex is expected to open in spring 2022, with 750 hotel rooms and a casino.